WASHINGTON — The National Restaurant Association has joined the fight against the landmark $7.2-billion settlement between some retailers and Visa Inc. and MasterCard Inc. with regard to credit-card transaction fees, reports Reuters.
“There is strong concern that the proposed settlement agreement will not achieve the litigation’s most critical goal — to fundamentally change a broken marketplace in which swipe fees are set,” Dawn Sweeney, NRA president and CEO, was quoted as saying by the news agency.
Visa and MasterCard were accused of uniting with banks to artificially inflate swipe fees and have subsequently agreed to pay $6 billion and temporarily reduce the fees. However, restaurants are concerned the settlement — purported to be the largest in U.S. history — would prohibit merchants that use Visa and MasterCard — regardless of whether they decide to opt in or opt out of the settlement — from filing future lawsuits about interchange issues.
For more on the credit-card fee settlement, visit reuters.com.