Payments Dive: Landmark Visa, Mastercard settlement in peril
The Merchants Payments Coalition, quickly voiced support for the settlement’s rejection on Thursday. “The judge made a strong statement in support of justice for merchants and consumers,” MPC executive committee member Christopher Jones said in a press release. “This proposed settlement would have done nothing to address the problem of how Visa and Mastercard centrally price fix swipe fees.”
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MarketWatch: What a legal snag in landmark merchant suit could mean for Visa and Mastercard
MPC: “While the case has been in court for nearly 20 years, the four basis-point reduction is illusory and would not come close to addressing the fact that the average rate has grown two dozen basis points, from 2.02%, since 2010.”
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Wall Street Journal: Proposed Visa and Mastercard Swipe-Fees Settlement Is Likely to Be Thrown Out
“This proposed settlement does nothing to address the problem of how Visa and Mastercard centrally price fix swipe fees,” said Christopher Jones, executive committee member of the Merchants Payments Coalition in a statement.
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Reuters: Visa, Mastercard $30 billion fee settlement in peril
Swipe fees totaled $172 billion, opens new tab in 2023, and have more than doubled in the last decade, according to the Merchants Payments Coalition, which represents retailers, grocers, convenience stores and gas stations.
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Bloomberg: Judge Likely to Reject $30 Billion Visa, Mastercard Fee Deal
Swipe fees totaled more than $172 billion last year, according to the Merchants Payments Coalition. Reactions were mixed when the settlement was announced in March, with some coalitions of retailers pledging to take a close look and some quickly opposing it. ... “We’re gratified to see that the court recognized how bad this settlement was,” said Doug Kantor, general counsel for the National Association of Convenience Stores (and MPC Executive Committee member).
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Merchants Welcome Judge’s Statements Indicating Likely Rejection of Proposed Visa/Mastercard Swipe Fee Settlement
MPC welcomed comments by a federal judge indicating that she is likely to reject a proposed class action settlement over Visa and Mastercard credit card “swipe” fees.
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Mass Market Retailers: Merchants Payments Coalition urges passing of Credit Card Completion Act after hearing
The Merchants Payment Coalition has urged Congress to pass the Credit Card Completion Act after strong opposition from merchants voiced at a hearing today on a proposed class action settlement over Visa and Mastercard credit card “swipe” fees. “As heard from merchants today, this proposed settlement does nothing to address the problem of how Visa and Mastercard centrally price fix swipe fees,” MPC Executive Committee member and National Grocers Association Senior Vice President of Government Relations and Counsel Christopher Jones said. “Instead, the settlement locks in cartel pricing. Every major merchant group has come out against this settlement, and everyone should see this proposal for what it is – a sham that will make the situation worse. We need competition to fix this broken market and that means passing the Credit Card Competition Act.”
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Opposition to Proposed Visa/Mastercard Swipe Fee Settlement at Court Hearing Shows Need for CCCA
Strong opposition from merchants voiced at a hearing on a proposed class action settlement over Visa and Mastercard credit card “swipe” fees shows the need for Congress to pass the Credit Card Competition Act, MPC said.
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PYMNTS: Judge Expected to Reject Visa, Mastercard Swipe Fee Settlement
At least one group representing merchants was pleased with the development. Doug Kantor, general counsel for the National Association of Convenience Stores (and MPC Executive Committee member), said: “We’re gratified to see that the court recognized how bad this settlement was,” per the report.
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Retail Customer Experience: eBay drops American Express credit card acceptance
eBay will no longer accept American Express credit cards citing the swipe fees charged to merchants. The move, according to a press release from the Merchants Payments Coalition, is a "symptom of the underlying problem" impacting retailers.
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