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US: Mega swipe-fee settlement earns new opponent

 |  January 9, 2014

Soon after the National Retail Federation filed its expected appeal of a record-setting settlement to end litigation against credit card swipe-fees, reports say the NRF earned a new backer: American Express.

The credit card company joined the group of retailers that includes Wal-Mart and 7-Eleven in appealing the $5.7 billion settlement offered by rivals Visa and MasterCard. Major US retailers had sued Visa and MasterCard for their practice of charging so-called swipe-fees, or interchange fees, which burden stores every time a customer uses a credit card.

American Express reportedly filed its notice in New York on Thursday.

The settlement was cleared by US District Judge John Gleeson last month; the offer is said to be the third-largest antitrust settlement in US history.

Full Content: Businessweek

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