Updated to include a correction: A previous version of this story stated that Target had filed a separate lawsuit. It has not. TheStreet regrets the error.
NEW YORK (TheStreet) -- Target Corp. (TGT) joined groups including the National Association of Convenience Stores in opposing a proposed $7.25 billion settlement of a lawsuit brought by a large group of retailers against Visa (V), MasterCard (MA) and most of the largest U.S. banks.
"Target believes the proposed interchange fee settlement is bad for both retailers and consumers. The proposed settlement would perpetuate a broken system, restrict retailers from any future legal action and offer no long-term relief for retailers or consumers. In addition, Target has no interest in surcharging guests who use credit and debit cards in order to allow VISA and MasterCard to continue charging unfair fees. We will continue to explore our options while working toward a solution that represents true reform," read a statement from the retailer. Target was not a named plaintiff in the lawsuit but would be impacted by the settlement.
-- Written by Dan Freed in New York.Follow this writer on Twitter.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV