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US: Grocers association slams credit card interchange fee settlement

By  |  February 22, 2013

According to reports, the National Grocers Association has announced that it will both opt-out of and object to a settlement reached with credit card companies concerning interchange swipe fees that would allow retailers to surcharge transactions to cover those interchange fees. In a statement by the NGA, the settlement proposal is insufficient to address antitrust issues and that it “will only make matters worse for consumers and merchants.” The NGA also alleges that the settlement “violates due process” and is “inadequate and unreasonable.” The Association has also sent a call-out to other retailers to object and opt-out of the proposed settlement, which was given preliminary approval by Judge John Gleeson last November.

 

Full Content: Credit Union Times

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