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U.S.: Merchants oppose potential largest-ever antitrust settlement

By  |  November 12, 2012
U.S.: Merchants oppose potential largest-ever antitrust settlement

As the U.S. District Court for the Eastern District of New York granted preliminary approval to Visa and Mastercard of the potential largest-ever antitrust settlement in the nation’s history, NASC and other merchant groups have vocalized opposition to the settlement as well as plans to appeal if complete approval is reached. A potential settlement for $7.2 billion was given preliminary approval by the judge on Friday in a class action case filed against the credit card companies over swipe fees. Several merchant groups, however, including NACS and Walmart, have said they disapprove of the deal, arguing it does not prevent future rises in swipe fees. The $7.2 billion would be available to more than 8 million merchants as a temporary remedy to swipe fees paid to process purchases made by customers with the cards.

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