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The settlement, reached in March, would have brought an end to a battle between the card networks and the banks with merchants that have been suing them for nearly two decades. But the terms were criticized by big-merchant lawyers and trade groups that vowed to kill the deal.
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“The Court will issue a written decision, but informed the parties that it will likely not approve the Settlement,” a filing Thursday in federal court in Brooklyn said. The judge said the settlement’s proposed changes seemed inadequate, according to a person inside the courtroom.
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