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US: Retailers’ swipe-fee settlement appeal filed

By  |  January 5, 2014

The National Retail Federation has filed its anticipated appeal against the recently approved, multi-billion dollar settlement offered by Visa and MasterCard over the credit card giants’ swipe-fees. The largest merchant group in the nation filed the appeal about a month after the $5.7 billion settlement was approved; the Federation released a statement at the time of the appeal filing claiming the deal “does nothing to reform the price-fixing payments system that has let credit card swipe fees skyrocket over the past decade and nothing to keep them from continuing to soar in the future.”

The statement was signed by NRF general counsel Mallory Duncan.

The settlement was approved last month after retailers claimed the swipe-fees, or interchange fees, hurt business as costs were passed onto consumers. The settlement marked the largest private settlement in the nation’s history.

Full Content: Washington Post

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