Swipe Fee Settlement Deal Delayed
Convenience Store News , Friday, February 1, 2013 8 AM
conIn 2005 retailers accused Visa and MasterCard of violating anti-trust law by fixing swipe fees. On Thursday the U.S. Court of Appeals for the Second Court ruled on Thursday that an appeal of the proposed class-action swipe fee settlement with Visa Inc., MasterCard Inc. and other financial institutions should wait until objections to the settlement are filed and heard. That would be in September, per NACS, the Association for Convenience and Fuel Retailing. Said NACS Chairman Dave Carpenter, president and CEO of J.D. Carpenter Companies Inc. "The proposed settlement does little to address the broken system and could, in fact, make it worse. The courts ultimately cannot let that stand against the will of retailers."
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