NOT SO FAST: The National Retail Federation is opposing a proposed $7.25 billion settlement that Visa Inc., MasterCard Inc. and major banks have agreed to pay retailers for alleged fee fixing. The retail trade association said Tuesday that its board has given approval for it to go to court to try to block the settlement.
THE RATIONALE: The NRF says it believes the proposed settlement will not stop swipe fees from continuing to rise, which will hurt both retailers and shoppers, and that it will prevent any future legal challenges.
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WHAT’S NEXT: The proposed settlement is slated to be presented to U.S. District Court Judge John Gleeson in New York in the next month at which time the court will open the door for any opposition.
