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NRF Vows to Fight Credit-Card Settlement

WASHINGTON — The National Retail Federation here said it will seek legal action to block the proposed $7.25 billion settlement of a federal antitrust lawsuit over credit-card interchange fees.

“The National Retail Federation categorically opposes the proposed settlement,” said Matthew Shay, NRF president and chief executive officer, in a statement on Tuesday. "It does nothing to curb the anticompetitive behavior of Visa and MasterCard, and instead ensures that swipe fees paid by retailers and their customers will continue to rise while barring any future legal challenges. The proposal is a lose-lose-lose for merchants, consumers and competition.”

Read more: RILA Opposes Interchange Settlement

Shay said NRF will “take any and all steps necessary to oppose the settlement as it is currently proposed and will work toward real reform of the swipe fee system.”

As previously reported, Visa, MasterCard and their card-issuing banks had proposed the settlement of the suit, which alleges that they engaged in anti-competitive practices to keep interchange rates artificially high.

Several merchants and retail associations have spoken out against the settlement, which has not yet been approved by the court. NRF, which was not a party to the suit, said it was exploring what legal action it could take.

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