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.
A retail group which was not a party to the original anti-trust fight between retailers and major card brands and card issuers over credit card interchange said it is moving closer to taking legal action to try and block a settlement in that case.
National Retail Federation exploring intervention, not a party to the original legal fight.
Interchange settlement now opposed by Retail Industry Leaders Association, which includes Walmrt, Apple, Pepboys and Abercrombie & Fitch, among others.
Merchant Payments Coalition says not all retailers keen on agreement with card brands and issuers and that it only becomes final if enough agree.
CUNA and NAFCU expressed a measure of relief about credit card settlement that could impact credit union credit card programs.
Reaction to settlement of longstanding credit card anti-trust suit.
The $1.4 billion State Department Federal Credit Union in Alexandria, Va., is now offering its 67,500 members a Visa-branded EMV credit card.
Retail associations are celebrating what they are calling a year since their legislative victory in the battle over the Durbin amendment by asserting that none of amendment opponents' dire predictions have come true.
More than a third of the membership's data said exposed online.