Wal-Mart Stores Inc. and Costco Wholesale Corp. are among more than 500 merchants objecting to a $7.25 billion antitrust settlement with credit card firms over swipe fees, saying that the deal is meaningless as long as card companies can fix fees charged retailers on each transaction, Bloomberg News reported yesterday. Sears Holdings Corp., Target Corp., TJX Cos. and Barnes & Noble Inc. also have opposed the agreement being considered by a federal judge. The settlement, estimated by plaintiffs to be the largest ever in an antitrust case, could receive final approval after a Sept. 12 hearing. The effort by companies follows years of tensions over the fees, which amount to as much as two percent of every sale where a customer pays with a card. Major retailers and trade associations contend that the deal isn’t nearly big enough and unfairly binds all merchants nationwide against suing over the fees in the future.
