Payments Dive: Walmart slams card fee pact, again
Card swipe fees applied to transactions collectively have increased 80% since the 2020 COVID-19 pandemic, to a record $198 billion last year, according to the Merchants Payments Coalition.
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NACS Daily: NACS Objects to Swipe Fee Settlement
“The proposed settlement is subterfuge for approving the bad practices of the credit card industry and the large number and wide range of merchants of all categories and sizes signing this letter show it,” NACS Senior Vice President for Government Relations and General Counsel Doug (and MPC Executive Committee member) Kantor said. “The vast majority of merchants and other businesses that accept credit cards oppose the proposal. This is the third time that the credit card industry has tried to abuse the court process to protect its anticompetitive business practices. It should be rejected just like it has been in the past.”
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Green Sheet: Nearly 1K merchants tell judge proposed Visa/MC settlement is 'riddled with loopholes’
The Merchant Payments Coalition said today that nearly 1,000 businesses and trade associations have called on a federal judge to reject the proposed settlement of merchants’ lawsuit over Visa and Mastercard credit card swipe fees that drive up consumer prices, saying the deal fails to provide adequate relief.
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TipRanks: Legal Challenge Sends Mastercard Stock Into Retreat
Mastercard shares slipped as investors reacted to fresh legal turbulence around its massive $38 billion swipe-fee settlement. A formal objection from the Merchant Payments Coalition has revived worries that the long-running antitrust case could drag on, with the settlement potentially delayed, altered or requiring additional financial concessions. The coalition argues the agreement offers too little relief to merchants while shielding card networks from future liability, raising the specter of renewed courtroom battles and higher legal costs. That cloud of uncertainty is pressuring the stock today, as the market reassesses the risk that this legal overhang could stretch on for years.
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Digital Transactions: Merchants Level Multiple Objections to a Proposed Interchange Agreement
At the root of the merchants’ latest objections is that the settlement “doesn’t change anything,” a spokesman for the Merchant Payments Coalition said. The proposed agreement “would grant Visa, Mastercard, and giant card-issuing banks sweeping liability immunity for their anticompetitive system of card fees and rules while providing merchants with temporary and meager relief that is riddled with loopholes that will make the relief largely ineffective,” the 48-page merchant filing alleges.
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Glenbrook Partners: Nearly 1,000 Merchants Tell Judge Proposed Settlement of Visa/Mastercard Lawsuit is 'Riddle With Loopholes'
The Merchant Payments Coalition said nearly 1,000 businesses and trade associations have called on a federal judge to reject the proposed settlement of merchants’ lawsuit over Visa and Mastercard credit card swipe fees.“We object to this proposed settlement because it would grant Visa, Mastercard and giant card-issuing banks sweeping liability immunity for their anticompetitive system of card fees and rules while providing merchants with temporary and meager relief that is riddled with loopholes that will make the relief largely ineffective."
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HBS Dealer: Merchants rally against swipe fee settlement proposal
The Merchant Payments Coalition reports that nearly 1,000 businesses and trade associations have called on a federal judge to reject the proposed settlement of merchants’ lawsuit over Visa and Mastercard credit card swipe fees that drive up consumer prices, saying the deal fails to provide adequate relief.
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Hardware Retailing: Nearly 1,000 Businesses Oppose Swipe Fee Settlement
The Merchant Payments Coalition recently announced that nearly 1,000 businesses and trade associations have called on a federal judge to reject the proposed settlement of merchants’ lawsuit over Visa and Mastercard credit card swipe fees that drive up consumer prices, saying the deal fails to provide adequate relief.
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Finextra: Merchants call on judge to reject Visa-Mastercard interchange fee settlement
Doug Kantor, executive member committee, Merchant Payments Coalition, says: "The proposed settlement is subterfuge for approving the bad practices of the credit card industry, and the large number and wide range of merchants of all categories and sizes signing this letter show it. The vast majority of merchants and other businesses that accept credit cards oppose the proposal. This is the third time that the credit card industry has tried to abuse the court process to protect its anticompetitive business practices. It should be rejected just like it has been in the past.”
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Supermarket News: Retailers object to interchange fee settlement
The Merchant Payments Coalition is calling on a federal judge to block the proposed settlement of a 2005 class-action lawsuit filed on behalf of retailers over credit card companies’ swipe fees.
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