Retailer groups opposed to Visa Inc. and MasterCard Inc.'s $7.25 billion settlement of a lawsuit over merchant credit card fees said they have garnered support from about 1,200 businesses covered by the deal. Trade associations including the National Association of Convenience Stores, the National Community Pharmacists Association and the National Restaurant Association urged U.S. District Judge John Gleeson not to grant initial approval to the settlement, according to objection papers the parties are preparing to submit. The settlement, estimated to cost the card companies and major banks as much as $7.25 billion, would cover about 7 million retailers nationwide.
