Convenience Store News: Judge Signals Dismissal of Swipe Fee Settlement
The MPC applauded news of the settlement's likely rejection, calling the deal a "sham" that would have locked in cartel pricing and made the situation worse. "The judge made a strong statement in support of justice for merchants and consumers," said MPC Executive Committee member and National Grocers Association Senior Vice President of Government Relations and Counsel Christopher Jones. "We appreciate that there was recognition of the fatal flaws that would have made the settlement a bad deal for Main Street rather than a correction of credit card industry violations of the antitrust laws. It’s past time for Congress to pass the Credit Card Competition Act to fix this broken market."
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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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NACS Daily: Judge Likely to Reject Proposed Swipe Fee Settlement
“The judge made a strong statement in support of justice for merchants and consumers,” MPC Executive Committee member and National Grocers Association Senior Vice President of Government Relations and Counsel Christopher Jones said. “We appreciate that there was recognition of the fatal flaws that would have made the settlement a bad deal for Main Street rather than a correction of credit card industry violations of the antitrust laws. It’s past time for Congress to pass the Credit Card Competition Act to fix this broken market.”
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Digital Transactions: The Big Credit Card Settlement Now Appears to Be Headed for a Trial. Who Will Win?
“Judge Brodie seems to believe the settlement doesn’t work. The next step is to go to trial,” says (MPC Executive Committee member) Doug Kantor, general counsel for the National Association of Convenience Stores. “That’s the right call and a good thing.”
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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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