NRF gives pushback to proposed credit card swipe fee settlement
The National Retail Federation has expressed its disappointment at the preliminary approval of the proposed merchants’ class-action antitrust lawsuit against Visa and Mastercard over credit card swipe fees.
The trade association which represents retailers across all US industries released a statement against the US District Judge Brian Cohen’s decision.
It explained: “The National Retail Federation is disappointed by today’s preliminary approval of the proposed Visa and Mastercard settlement. Retailers continue to face excessive and ever-increasing swipe fees in a broken payments market that lacks competition.
“The proposed settlement offers no meaningful relief and leaves intact the underlying system that enables Visa and Mastercard to dictate the rules and costs that merchants and consumers must bear.”
The statement concluded: “We look forward to reviewing the court’s order and participating in the next phase of the proceedings. NRF remains committed to pursuing solutions that deliver lasting competition, meaningful fee relief, and a fairer payments marketplace for retailers and the customers they serve.”
