Judge John Gleeson of the U.S. District Court for the EasternDistrict of New York was to hold a hearing Friday to addresspreliminary approval of the interchange settlement between retailers, payment networks andnine major card issuers.
|“Today marks another important step toward bringing closure tothe long battle over interchange fees,” said Trish Wexler,spokesman for the Electronic Payments Coalition, an industry tradegroup organized around the interchange issue.
|“After seven years of negotiation, two years of mediation, andcompromise by both sides, the parties have struck a fair andreasonable settlement to their disputes,” Wexler said. “We remainhighly confident that preliminary, and ultimately final, approvalwill be granted – in spite of the self-serving objections beinglodged by some retail lobbying groups. The end of the epic battlebetween merchants and the payments industry is near.”
|Some of that disapproval came from the National RetailFederation on Friday when the organization released astatement.
|“This proposal benefits no one but lawyers and credit cardcompanies, and should not be forced on the retail industry orretailers' customers,” NRF Senior Vice President and GeneralCounsel Mallory Duncan said. “It's a morass of legal flaws, andrather than bringing about reform it would only entrench theanticompetitive behavior of the card companies while putting thembeyond the reach of the law. It should be rejected on itsface.”
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