A federal ruled Thursday that websites seeking to convince retailers to oppose the Visa-MasterCard Swipe Fee settlement must make changes in order to appear less biased.
U.S. District Judge John Gleeson gave retail trade groups that run websites like Merchantsobject.com one week to make changes, claiming that they could mislead some merchants and cause them to oppose the settlement, reports American Banker.
The Swipe Fee settlement, which awards merchants and retailers some $7.25 in compensation but largely keeps Visa’s and MasterCard’s control over fee prices intact, was granted initial approval by Gleeson in November 2012 after an eight year debate. Gleeson then denied a primary appeal of the settlement in December.
The retail industry has become somewhat split over the settlement. Some, such as Payless and smaller retailers, support the agreement, while others such as 7-Eleven, Home Depot, Target, Walmart and many retail trade associations remain opposed.
One such group, the Retail Industry Leaders Association (RILA), opted out of the agreement on Wednesday, forgoing any monetary compensation but likely hoping other groups would soon follow suit, Reuters notes.
Merchants have until May 28 to opt out or object to the deal, but those who do so remain tied to some parts of the settlement – such as the inability to sue Visa and MasterCard over similar issues in the future – while voiding their right to compensation.
A final hearing for approval of the settlement is scheduled to take place in September.
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