09/11/2012 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)
New York – A retail group is opposing a major card fee settlement proposed by Visa Inc., MasterCard Inc. and major banks in connection with purported fee fixing claims. As reported by the Associated Press (AP), the National Retail Federation stated this week that it has been granted approval by its board to proceed with attempting to block a $7.25 billion settlement to retailers with court action.
As noted in the report, the NRF, which represents retailers from 45 countries in addition to the U.S., expressed the belief that the settlement will not halt the rise of swipe fees, which may prove problematic for retailers as well as shoppers, and be a hindrance to future legal challenges.
NRF President and CEO Matthew Shay is quoted by the AP as stating, “The proposal is a lose-lose-lose for merchants, consumers and competition.”
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