NEW YORK: The proposed $7.25 billion settlement in a private lawsuit brought by retailers against Visa Inc and Mastercard Inc could spell one of the most generous paydays in U.S. history for lawyers.
The proposed deal, filed jointly by the plaintiffs and defendants in Brooklyn federal court on Friday, would settle charges that the credit card companies charged retailers excessive fees. It includes a $6.05 billion cash payment to retailers, as well as a temporary card-fee reduction valued by plaintiffs' lawyers at $1.2 billion.
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