Retailers opposes $7.25M credit card deal
FILE - In this Nov. 19, 2009 file picture stickers on a window show which credit cards are valid in a shop in Frankfurt, central Germany. Head to the checkout at an Ikea in Stockholm to pay for your new Karlsfors leather corner sofa and with the simple swipe of a Visa card and a signature it's all yours. But don't try that in Berlin - that'll be 1,699 euro cash or on the debit card please. But just as an American or any number of others wouldn't hesitate to whip out a credit card for a morning coffee on the way to work, a German wouldn't think twice about having to pay cash for a television. It's that financial culture - an aversion to debt and an emphasis on savings - that makes Chancellor Angela Merkel's hardline approach to resolving the European economic through austerity and budget reforms so popular among her constituents. (AP Photo/Michael Probst, File) Credit: AP, 2009
WASHINGTON -- The National Retail Federation is opposing a proposed $7.25 billion settlement that Visa Inc., MasterCard Inc. and major banks have agreed to pay retailers for alleged fee fixing.
The retail trade association said Tuesday that its board has given approval for it to go to court to try to block the settlement. It says it is unsure whether outside groups will be allowed to intervene or if the case qualifies as a class action.
The NRF says it believes the proposed settlement will not stop swipe fees from continuing to rise, which will hurt both retailers and shoppers, and that it will prevent any future legal challenges.
In July Visa, MasterCard and the banks settled a lawsuit that claimed card issuers conspired to fix merchants' fees for accepting credit cards.
Jericho condo fire ... English Regents scores up ... One mega jackpot! ... Migrants' plight
Jericho condo fire ... English Regents scores up ... One mega jackpot! ... Migrants' plight
