Inside This Issue - News
Swipe fee settlement challenged
January 13th, 2014
NEW YORK – The National Retail Federation (NRF) has filed an appeal aimed at overturning what it calls a flawed credit card swipe fee settlement.
A federal judge last month approved a $5.7 billion settlement between retailers and Visa Inc. and MasterCard Inc. The merchants and their trade groups had sued the credit card companies in 2005, claiming that they had conspired to set swipe fees at unreasonably high levels.
The NRF has asked the 2nd U.S. Circuit Court of Appeals to overturn the settlement ruling.
"There has been no agreement to this settlement by the retail industry," NRF senior vice president and general counsel Mallory Duncan said. "Instead, there’s a settlement with nine individual retailers whose views are not representative of the collective industry. A majority of the original plaintiffs in the case repudiated the settlement as soon as they saw its terms, the nation’s largest retailers have spoken out against it, and close to 8,000 retailers and merchants have formally rejected the proposal."