Visa, MasterCard antitrust settlement with merchants is voided

MasterCard and VISA credit cards are seen in this picture illustration taken June 9, 2016. REUTERS/Maxim Zmeyev/Illustration View shows credit cardsThomson Reuters

NEW YORK (Reuters) – A federal appeals court on Thursday threw out a $7.25 billion antitrust settlement among Visa Inc , MasterCard Inc and millions of retailers over credit card fees.

The 2nd U.S. Circuit Court of Appeals in New York said some of the retailers were inadequately represented in the case. It also decertified the case as a class action.

The settlement was intended to resolve nearly a decade of litigation concerning whether Visa and MasterCard improperly fixed fees that merchants were charged when customers used credit or debit cards.

(Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama)

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