WASHINGTON – The Retail Industry Leaders Association is urging a federal court to reject a proposed settlement in the long-running credit card swipe-fee litigation involving Visa and Mastercard, arguing that the agreement would not provide meaningful relief to retailers.
RILA said the proposed settlement would do little to reduce the cost of accepting credit cards for most merchants and would restrict their ability to challenge card network practices for years. The association contends that the agreement would preserve the payments market's existing structure rather than create greater competition that could lower fees.
“Retailers have been seeking meaningful reform of the broken swipe fee system for decades,” said Monica Welt, RILA’s general counsel. “This settlement falls far short because it leaves the fundamental drivers of high fees in place while restricting merchants’ ability to pursue stronger solutions in the future. Retailers and consumers deserve a payments market that rewards competition, innovation, and lower costs, not one that preserves the monopolistic status quo.”
RILA joined the National Retail Federation in filing an objection to the proposed settlement. According to RILA, more than 1,000 other objectors also submitted filings by the Sept. 14 deadline, raising concerns about the agreement.
Submit Your Press Release
Have news to share? Send us your press releases and announcements.
Send Press Release
