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NRF Threatens To Challenge Swipe Settlement at All Costs
September 11, 2012
The National Retail Federation issued a bold statement regarding the recent swipe fee settlement, stating it would "take any and all steps necessary to oppose the settlement." But in reality, it is the courts that will have the final say.
The federation is exploring what form the legal action might take. NRF is not a party to the lawsuit, and U.S. District Court Judge John Gleeson has not yet fully outlined how outside groups will be allowed to intervene, or if the case qualifies as a class action, the association said.
Facing the prospect that this lawsuit may effectively end any reasonable chance of gaining control over card network-acceptance costs, either through judicial or legislative means, putting the brakes on this settlement has become a high-stakes game. In some ways, the tables have been turned on merchants, who successfully pulled off the Durbin Amendment, but now find themselves on the receiving end of an unexpected and unwanted ruling.
to read more from the Credit Union Times.
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