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US: Wal-Mart, Starbucks slam credit card settlement offer one week before deadline

By  |  May 22, 2013

Some of the nation’s largest retailers, including Wal-Mart Stores Inc., Starbucks Corp. and Gap Inc. have publically expressed disapproval for Visa and MasterCard’s proposed settlement with merchants, one week before a deadline set for merchants to object to or opt our of the proposed offer. Visa and MasterCard have put forth a $7.2 billion offer that is intended to compensate the nation’s retailers for credit card swipe fees paid at check-out. Nineteen retailers, however, have denounced the offer and said they would prefer to continue to fight the credit card companies in court rather than settle for an offer they deem inadequate. Additionally businesses rejecting the offer include Costco, J. Crew, Nike, 7-Eleven and Panera Bread, who all said they would opt out of receiving settlement funds if the offer is to be approved by a court. If approved, the deal would mark the biggest federal antitrust settlement in the nation’s history, including 8 million retailers.

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