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Majority of Named Plaintiffs Oppose Visa, MasterCard Settlement
October 15, 2012
NATSO last week joined a majority of the named plaintiffs in announcing their opposition to the proposed antitrust settlement agreement with Visa, MasterCard and some of the largest banks that were filed on Oct. 12.
In a joint press release, the plaintiffs, including NATSO, said they objected to the proposed settlement because it will allow that industry to continue to take advantage of merchants and their customers while blocking competition and choice. Merchants are seeking a fundamental change in the rules and practices of the credit card industry, which dictates swipe fees a merchant pays to banks each time a credit card is used.
“The proposed settlement is a bad deal that does not represent the best interest of merchants and their customers, further entrenches the anti-competitive practices of the Visa and MasterCard duopoly, and denies merchants their legal right to fight for real changes in court,” NATSO President and CEO Lisa Mullings said in the statement.
In addition to NATSO, the named class plaintiffs opposing the proposed settlement include: Affiliated Foods Midwest, Coborn’s, Inc., D’Agostino Supermarkets, Jetro Holdings, Inc. and Jetro Cash & Carry Enterprises, National Association of Convenience Stores (NACS), National Community Pharmacists Association (NCPA), National Cooperative Grocers Association (NCGA), National Grocers Association (NGA), and National Restaurant Association (NRA).
In filing the proposed settlement, the class counsel asked the United States District Court for the Eastern District of New York for preliminary approval. Opponents of the settlement will file a brief in opposition to preliminary approval on Nov. 13, 2012, or 30 days after the proposal is filed.
Photo Credit: exile7/bigstock.com
This article originally ran in NATSO News Weekly (NNW), NATSO's member only weekly electronic newsletter. NNW is packed with the latest updates on government and business issues affecting the truckstop and travel plaza industry.
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- NATSO News Weekly (NNW)
More on Credit/Debit Fees
- Merchants Criticize Federal Reserve Decision to Maintain Interchange Fee Standards
- Credit Card Settlement - Important Considerations for NATSO Members
- Credit Card Settlement Appeal Delayed Until Fall
- Judge Denies Request to Block Preliminary Approval of Swipe Fee Settlement
- NATSO, Other Plaintiffs to Appeal Swipe Fee Settlement
- Swipe Fee Settlement is Granted Preliminary Approval