The multiple-party, multiple-year case over credit card interchange moved one step closer to resolution on Nov. 9 when the Honorable Judge John Gleeson granted preliminary approval of the settlement agreement between retailers, payment networks and nine major card issuers.
Decision can still be appealed and National Retail Federation said it's considering that route.
Both sides of testy dispute issue statements ahead of New York hearing.
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.
As far as Bob Fisher, president/CEO of Grow Financial Federal Credit Union, is concerned, joining the Billionaires Club doesn’t mean you don’t need to stop growing. In fact, he believes growth is essential.
Black Friday spending up 8.1% this year, CO-OP says.
Credit unions looking to boost fee income with card interchange from holiday sales may not see as much holiday cheer as last year.
Retail and financial service industries are duking it out over attempts to regulate debit interchange fees.
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.