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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.”

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    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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