Retail group against revised card settlement
WASHINGTON (AP) -- A retail trade group says that a revised version of a proposed multibillion-dollar settlement over fees that MasterCard Inc. and Visa Inc. charge merchants fails to protect retailers from abuse by credit card companies.
The National Retail Federation issued its remarks after reviewing revised settlement terms filed Friday with U.S. District Court in Brooklyn.
Under the settlement disclosed in July, stores will be allowed to charge customers more if they pay with a credit card on transactions in the U.S.
But more than half of the 19 retailers and trade groups that are plaintiffs in the class-action lawsuit say the deal will not stop swipe fees from continuing to rise, hurting both retailers and shoppers.
In a statement, Visa called the settlement a fair and reasonable compromise.