National

May 24, 2013 3:38 AM by Lacey Steele

Retailers sue Visa and MasterCard

A group of major retailers are suing Visa and MasterCard.

A group of retailers, including Macy's and Target, is suing, breaking off from a proposed $7.2 billion settlement over fees to process credit card transactions.

The lawsuit comes before a May 28 deadline for the millions of merchants affected by the settlement to decide whether to forego receiving damages under the pact and pursue their own legal action.

The retailers say the settlement offers inadequate compensation.

The settlement was originally agreed on last year.

Officials from Visa and MasterCard have not commented on the new lawsuit.

 

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