NRF Responds to Preliminary Approval of Visa and Mastercard Settlement

The National Retail Federation recently released its response to U.S. District Judge Brian Cogan’s preliminary approval of the proposed settlement in merchants’ class-action antitrust lawsuit against Visa and Mastercard over credit card swipe fees.

The National Retail Federation is disappointed by today’s preliminary approval of the proposed Visa and Mastercard settlement. Retailers continue to face excessive and ever-increasing swipe fees in a broken payments market that lacks competition. The proposed settlement offers no meaningful relief and leaves intact the underlying system that enables Visa and Mastercard to dictate the rules and costs that merchants and consumers must bear.

“We look forward to reviewing the court’s order and participating in the next phase of the proceedings,” the NRF says in a press release. “NRF remains committed to pursuing solutions that deliver lasting competition, meaningful fee relief, and a fairer payments marketplace for retailers and the customers they serve.”