Mallory Duncan News
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Visa Inc. and MasterCard Inc.’s proposed $7.25 billion settlement of a merchant fee price-fixing case won preliminary approval from a federal judge in Brooklyn, New York.
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A retail-industry group asked the U.S. government to delay plans to expand the Internet’s address system, saying store owners need more time to assess the impact of adding hundreds of Web suffixes such as .bank and .nyc.
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U.S. Senator Richard Durbin’s office told retailers that their efforts to have Congress rein in credit-card swipe fees will be imperiled if they support a $6.6 billion settlement with Visa Inc. and MasterCard Inc.
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The National Retail Federation said it will try to block a settlement of as much as $7.25 billion with Visa Inc. and MasterCard Inc. over the fees they charge stores when customers pay with credit cards.
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A lawyer for retail groups seeking to derail an estimated $7.25 billion settlement with Visa Inc. and MasterCard Inc. over credit-card fees charged to merchants told a judge he needs access to all records in the case, including some that Visa deemed “highly confidential.”
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Visa Inc., MasterCard Inc. and some of the biggest U.S. banks agreed to a settlement of at least $6.05 billion in a price-fixing case brought by retailers over credit-card swipe fees.
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Large banks and small lenders, which have differed over issues ranging from a new consumer protection agency to a proposed bailout fund for failed firms, are allied on one front: They want debit-card fees left alone.
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A program to let companies acquire their own Web suffixes is failing to win over U.S. brand owners such as Procter & Gamble Co. and Hewlett-Packard Co. that don’t see a need to expand beyond .com.
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Two U.S. House lawmakers say they will introduce a bill to repeal a Federal Reserve rule capping debit-card swipe fees.
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U.S. caps on debit-card transaction fees set to take effect in October are spurring the biggest banks to push consumers into credit products that will generate more than triple the revenue.
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