The National Retail Federation has filed its expected appeal of the court decision that locked in a settlement of long-standing retailer complaints about credit card interchange.
Card fight promises to go another round.
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 longstanding dispute over credit card fees and payment practices appeared to come to a close last week when the U.S. District Court for the Eastern District of New York announced a preliminary settlement in a dispute between retailers, the major card brands and at least nine major card issuers.
In a case that has ties to one of the industry’s largest mortgage scams, Sperry Associates Federal Credit Union received a ruling in its favor over losses the financial institution said it suffered behind the scheme.
Federal court in New Jersey had ruled in favor of credit union in suit over fraud loss coverage.
New Jersey case involved a CUMIS fidelity bond and whether fraud committed by two mortgage companies impacted coverage.