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  • Merchants file appeal to interchange settlement

Merchants have filed an appeal with the U.S. District Court for the Eastern District of New York over the proposed settlement in their fight with card brands and major credit card issuers over credit card interchange. The agreement, however, hasn't been finalized, according to cutimes.com.

The U.S. Court of Appeals for the Second Circuit will hear the appeal which states that the settlement does not address what merchants viewed as the problem with the interchange system.

From the story:

"This settlement has fatal legal defects and should not get preliminary approval. We look forward to presenting the problems we see in this proposal to the Second Circuit Court of Appeals," said Jeffrey Shinder, managing partner, Constantine Cannon LLC, counsel to the merchants objecting to the proposed settlement.

Read more about regulatory issues.

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