The National Retail Federation in the U.S. is opposing a proposed $7.25 billion settlement that Visa, MasterCard and major banks have agreed to pay retailers for alleged fee fixing.
The retail trade association will go to court to try to block the settlement. The NRF, which is not a party to the lawsuit, says it is unsure whether outside groups will be allowed to intervene or if the case qualifies as a class action. The NRF believes the proposed settlement will not stop swipe fees from continuing to rise, which they say will hurt retailers and shoppers. The federation also says the settlement will prevent any future legal challenges. The NRF represents 9,000 retailers, including chain restaurants and industry partners in 45 countries. "The settlement was by the credit card companies and for the credit card companies. This will not help merchants or customers," said the NRF.
