Judge John Gleeson of the U.S. District Court for the Eastern District of New York took the penultimate step to ending a years long case over credit card interchange on Friday when he granted preliminary approval of the agreement between retailers, payment networks and nine major card issuers over merchant interchange fees.
The proposed settlement was originally announced to almost immediate controversy on July 13, after several years of litigation.
"We view Judge Gleeson's ruling today as further indication that this historic settlement is a fair and balanced resolution to the epic swipe fee battle," said Trish Wexler, spokeswoman for the Electronic Payments Coalition, a payment industry trade group organized around interchange and which includes credit unions.
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