Visa and MasterCard suffered a blow in a long-running antitrust dispute with merchants over swipe fees, as the Second Circuit rejected a $5.7 billion class settlement (In re Payment Card Interchange Fee & Merchant Discount Antitrust Litig., 2016 BL 210542, 2d Cir., 12-4671, 6/30/16).

The deal would have provided up to $7.25 billion for merchants who accepted payment cards from 2004 to 2012.

But merchants who accepted them from 2012 on would have gained only injunctive relief.

And that injunctive relief, the appeals court said here, had little real value as it would have allowed merchants to impose...