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May 08, 2015

Judge backs Target-MasterCard settlement

U.S. District Judge Paul Magnuson in Minnesota denied a request from class action financial institutions to block part of the $19 million proposed settlement between Target and MasterCard, despite initially noting that the settlement did not seem "fair" to financial institutions.

Financial institutions' class counsel had protested that MasterCard's settlement with Target left their clients – three banks and one credit union – out of the negotiations, saying Target "was trying to hijack the class action and use MasterCard to foist a cheap deal on banks beholden to the credit card company," according to Reuters. Because the class had not been certified, however, Target's counsel said the negotiations were fair.

In his ruling on Thursday, Magnuson said the settlement "may not ‘pass the smell test'" but is "not serious misconduct," according to The Wall Street Journal.

Banks that use MasterCard must decide by May 20 if they want to participate in the settlement.

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