NEW YORK — Merchants remain opposed to a proposed settlement of credit-card interchange fee litigation that was given preliminary approval by a judge here on Friday.
“The proposed settlement … is opposed by a majority of the named plaintiffs on the grounds that it will continue to allow the credit card industry to take advantage of merchants and their customers while blocking competition and choice,” said the National Grocers Association in announcing a press conference on the topic scheduled for Monday.
Read more: Merchants to Oppose Card Settlement
As previously reported, credit-card companies and card-issuing banks would agree to pay about $7.25 billion to merchants to settle the suit, which alleges that the card issuers colluded to set interchange rates artificially high.
A few retailers — including Kroger Co., Cincinnati — have stated that they support the settlement. Many retail associations remain opposed, however.
Read more: Kroger Applauds Credit-Card Settlement
“The settlement still does virtually nothing to protect retailers or their customers from the abuses of the card industry, and it attempts to silence any objections for years to come,” said Mallory Duncan, senior vice president and general counsel, National Retail Federation, Washington. "Retailers would rather take their chances in court than accept this one-sided swindle written by the card industry for the card industry.”
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