In a highly anticipated ruling issued on Friday, Eastern District Judge John Gleeson (See Profile) granted final approval to a $5.7 billion class action settlement that would resolve claims by merchants that Visa Inc. and MasterCard Inc. improperly fixed so-called interchange fees—the fees retailers are charged every time a customer pays with a credit card. Gleeson brushed aside unusually strident objections from class members like Wal-Mart Stores Inc. and Target Corp., writing that they engaged in “needless hyperbole” and “feigned hysteria.”
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