MasterCard and Visa have sued some trade and retail groups that have opted out of the $7.25 billion “swipe fee settlement,” reports Bloomberg News.
The new lawsuit targets groups such as the National Association of Convenience Stores, the National Grocers Association, the National Restaurant Association, Affiliated Foods Midwest Cooperative and D’Agostino Supermarkets Inc. The complaint sites such groups as “among the most vocal opponents” of the swipe fee settlement.
Under the swipe fee settlement, Visa, MasterCard and major banks can opt out of the deal if the retailers who opt to drop out comprise more than 25 percent of the companies’ total card payment volume. About 15 of the Top 100 merchants in the U.S. have already agreed to their own settlement with Visa and MasterCard, Bloomberg notes. Retailers have until May 28 to decide to accept damages from the settlement or to opt out.
On Thursday, a separate group of retailers headlines by Target and Macy’s opened up a new lawsuit against Visa and MasterCard after dropping out of the swipe fee settlement.
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