In an order analysts are taking as a positive sign, U.S. District Court Judge John Gleeson has opted for an early date for hearing arguments from both opponents and proponents of a proposed settlement to the longstanding card interchange case.
If approved by the court, the proposed settlement, years in the making, will see $7.25 billion eventually move from the card brands and major card issuers into the coffers of participating retailers as well as give retailers the right to levy a surcharge on card transactions.
And the settlement has been controversial for some time as retailers expressed dissatisfaction with it.
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