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directing customers toward cheaper means of payment.

Visa and Mastercard agreed to a $5.3 billion settlement in 2012, but the Second Circuit rejected the deal, citing conflicts between businesses seeking to maximize their cash compensation and others focused on forward-looking changes.

U.S. COURT OF APPEALS UPHOLDS $5B-PLUS SWIPE FEE SETTLEMENT

A federal appeals court is letting stand a $5.6 billion antitrust class action settlement involving more than 12 million retailers that accused Visa Inc. and Mastercard Inc. of improperly fixing credit and debit card fees.

The U.S. Court of Appeals for the Second Circuit of New York denied a bid to dismantle the class action settlement by gas station operators that objected to it. The agreement, which was priced at about $6.2 billion before opt-outs, includes $523 million in legal fees, reported Bloomberg Law.

The Brooklyn-based federal judge who approved the settlement acted "reasonably in a sprawling case with many interested parties, in which neither the district court nor class counsel can be expected to predict and preempt every issue that might arise," Judge Dennis Jacobs wrote for the appeals court on March 15.

The settlement resolved claims that Visa and Mastercard overcharged retailers on interchange fees, or swipe fees, when shoppers used credit or debit cards, and barred retailers from

The court gave preliminary approval to the multibillion-dollar settlement on Feb. 22, 2019. Under the settlement, Visa, Mastercard and the other bank defendants agreed to provide approximately $6.24 billion in class settlement funds. Those funds were subject to a deduction to account for certain merchants that exclude themselves, but in no event will the deduction be greater than $700 million, as Convenience Store News previously reported. The value of each claim is based on the actual or estimated interchange fees attributable to the merchant's Mastercard and Visa payment card transactions from Jan. 1, 2004 to Jan. 25, 2019.

The settlement had won approval from U.S. District Judge Margo Brodie in Brooklyn in December 2019, three-anda-half years after the appeals court voided a $7.25 billion accord approved by a different judge because it shortchanged some retailers, according to a report from Reuters. The $6.24 billion deal reduced to $5.6 billion. Visa is represented by Holwell Shuster & Goldberg LLP and Arnold & Porter Kaye Scholer LLP. Mastercard is represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP. Robbins Geller Rudman & Dowd LLP, Robins Kaplan LLP and

Berger Montague PC are class counsel for the businesses.

The gas station retailers are represented variously by Hagens Berman Sobol Shapiro LLP, the Class Action Fairness Group and solo practitioners. The case is In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, 2nd U.S. Circuit Court of Appeals, No. 20-339.

Grassley Introduces Bipartisan Bill To Improve Vehicle Efficiency And Lower Fuel Costs

Sen. Chuck Grassley (R-Iowa) led bipartisan colleagues in reintroducing the Next Generation Fuels Act, legislation that would leverage higher-octane fuels to improve engine efficiency and performance. Allowing the sale of fuels with greater octane levels would increase the amount of ethanol that can be utilized in the fuel supply, in turn lowering prices at the pump for consumers. Sens. Amy Klobuchar (D-Minn.), Joni Ernst (R-Iowa) and Tammy Duckworth (D-Ill.) are original cosponsors.

“Instead of continuing to buy more oil from foreign adversaries, we should be increasing the use of ethanol made by biofuel producers right here in the United States. The Next Generation Fuels Act would help put America back on the path to energy independence while easing the pain at the pump. It’s good for consumers, good for farmers and biofuel producers, and good for the environment. This is the right approach to energy policy, and I’m proud to work with my colleagues to reintroduce this bill,” Grassley said.

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“I’ve long pushed for investments in readily-available, domestically-produced biofuels, which are good for drivers and farmers alike,” Klobuchar said. “By allowing the use of higher biofuel blends in our fuel supply, our bipartisan legislation will benefit our economy, decrease prices at the pump, and reduce our dependence on foreign oil.”

“Iowa families need solutions to stretch every dollar, and homegrown Iowa biofuels stand at the ready to relieve the pain at the pump. This commonsense legislation drives down costs for consumers, lowers carbon emissions, supports our farmers and producers, and moves us one step closer to energy independence,” Ernst said.

“It’s shameful that Big Oil is continuing to use Putin’s war of choice as an excuse to drive up prices and rake in huge profits off the backs of hardworking Americans,” Duckworth said. “It is past time we offer better options at the pump to help lower costs, decrease carbon emissions and reduce reliance on foreign oil while helping Illinois farmers grow the food and fuel we need, and I’m proud to help re-introduce this bipartisan bill that would do just that.”

Background

Due to ethanol’s high-octane rating, greater ethanol blends result in both additional fuel efficiency and significant greenhouse gas (GHG) reduction. Ethanol is also priced lower than gasoline, making it the most cost-effective octane source. The Next Generation Fuels Act would establish a minimum research octane number (RON) standard of 98 for gasoline, which is higher than the typical octane of 91. It also requires the added octane value to reduce carbon emissions by at least 40 percent compared to regular gasoline.

By requiring the new high-octane fuel to utilize low-carbon sources, the Next Generation Fuels Act will decarbonize liquid fuels as vehicle technologies advance. This requirement, coupled with a new limit on harmful aromatics content, ensures that progress already made to expand the use of ethanol while lowering emissions will continue.

The Next Generation Fuels Act is endorsed by the National Corn Growers Association, Growth Energy, American Coalition for Ethanol, Renewable Fuels Association and National Farmers Union.

“We’re very grateful to Sen. Grassley, with Sens. Klobuchar, Ernst and Duckworth, for taking the lead on this priority legislation for corn growers,” said Tom Haag, President of the National Corn Growers Association. “The Next Generation Fuels Act addresses some of the country’s most pressing concerns by providing consumers with more options in the transition to cleaner fuels and vehicles and supporting our long-term energy security.”

“American-made ethanol already makes a positive impact every day, but we've still only scratched the surface of the benefits this renewable fuel can deliver to the environment and to drivers across the country,” said Emily Skor, Chief Executive Officer of Growth Energy. “The Next Generation Fuels Act recognizes that ethanol is the only fuel available today that can be immediately deployed to decrease our nation's carbon emissions, decrease our reliance on foreign oil, and decrease fuel costs for American families all at once. This legislation would give ethanol a greater role in decarbonizing our economy while decreasing volatility and lowering prices at the pump, and we urge all lawmakers on both sides of the aisle to join Senators Grassley and Klobuchar to see the bill quickly signed into law.”

“The Next Generation Fuels Act overcomes a host of regulatory barriers currently standing in the way of expanding the use of ethanol, and we thank these bipartisan Senate leaders for recognizing the value ethanol holds as an immediate solution to decarbonize the transportation sector,” said Brian Jennings, Chief Executive Officer of the American Coalition for Ethanol. “We look forward to working with members of Congress on how this bill can build upon other clean fuel legislation to spur biofuel demand.”

“We thank Sens. Grassley and Klobuchar along with Sens. Ernst and Duckworth for reintroducing the Next Generation Fuels Act in the Sen- ate,” said Geoff Cooper, President and CEO of the Renewable Fuels Association. “Americans will continue to rely on liquid fuels and internal combustion engines for decades to come, and this legislation will ensure drivers have access to more efficient high-octane, lower-carbon and lower-cost fuels for their vehicles. We look forward to working with clean fuel supporters in both chambers of Congress to turn this bold vision into a reality.”

“NFU is proud of our continued support of the Next Generation Fuels Act,” said Rob Larew, President of the National Farmers Union. “The higher-octane options that this bill supports will help consumers and farmers alike, all while reducing emissions. This is a common sense bill that we’re eager to support.” over five years to build electric vehicle charging stations and refueling infrastructure for hydrogen, propane or natural-gas vehicles.

Administration officials told reporters in a press call Monday the program would help President Joe Biden meet his goal of 500,000 public charging stations by the end of the decade. Officials briefed reporters on the condition they would not be named.

Biden has also set a goal of reducing national greenhouse gas emissions by at least half by 2030. Gas-powered vehicles account for about one-quarter of U.S. greenhouse gas emissions. The grant funding will be evenly split between designated alternative-fuel corridors and public facilities like parking lots, schools and parks.

“With today’s announcement, we are taking another big step forward in creating an EV future that is convenient, affordable, reliable, and accessible to all Americans,” U.S. Transportation Secretary Pete Buttigieg said in a written statement.