The negotiated settlement meant to end the longstanding dispute over credit card interchange moved closer to becoming final last week as attorneys for both sides in the dispute proposed a final settlement agreement to the U.S. District Court in New York and made a motion for its approval.
The Electronic Payments Coalition expects both sides of a proposed settlement on card interchange will file definitive settlement agreement on Friday.
National Retail Federation exploring intervention, not a party to the original legal fight.
An increasing number of retailers appear to be coming out in opposition to the recent proposed settlement of the antitrust case centering on credit card interchange.
Merchant Payments Coalition says not all retailers keen on agreement with card brands and issuers and that it only becomes final if enough agree.
Several sources tell Credit Union Times that Sen. Jon Tester (D-Mont.) will offer amendment during debate of a funding bill.
Merchants Payments Coalition refutes key argument against debit interchange cap.
Accusing him of supporting “crony capitalism,” a group of retailers have run advertisements against freshman Sen. Mike Lee (R-Utah) for being a backer of a measure that would delay the implementation of a Federal Reserve rule regulating interchange.
The U.S. Justice Department announced last week that a long-running antitrust investigation against the three largest card brands has ended in a settlement with two of the three and litigation against the third.
Consumer and retail groups are praising the U.S. Department of Justice's actions against major credit card brands, but analysts are split about whether the moves will result in real lower prices for consumers.