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ARLINGTON, Va. — The Retail Industry Leaders Association (RILA) has decided to drop out of and object to the proposed swipe fee class action settlement with Visa and MasterCard.
The Retail Industry Leaders Association (RILA) has decided to drop out of and object to the proposed swipe fee class action settlement with Visa and MasterCard.
The settlement is currently pending before the federal district court for the eastern district of New York.
The settlement stems out of lawsuits that challenged the interchange practices of Visa and MasterCard. "RILA and the overwhelming majority of our members agree that the proposed class action settlement is a bad deal for retailers," said Debora White, executive vice president and general counsel for RILA, in a statement. "The proposed settlement undermines merchants’ legal rights forever and fails to restrain the continued growth of swipe fee increases."
By opting out of the settlement plan, RILA is also rejecting the financial reward available under the terms of the settlement proposal.
