NRF Responds to Preliminary Approval of Proposed Credit Card Swipe Fee Settlement

WASHINGTON – The following statement may be attributed to the National Retail Federation in response to U.S. District Judge Brian Cogan’s preliminary approval of the proposed settlement in merchants’ class-action antitrust lawsuit against Visa and Mastercard over credit card swipe fees.

"The National Retail Federation is disappointed by today's preliminary approval of the proposed Visa and Mastercard settlement. Retailers continue to face excessive and ever-increasing swipe fees in a broken payments market that lacks competition. The proposed settlement offers no meaningful relief and leaves intact the underlying system that enables Visa and Mastercard to dictate the rules and costs that merchants and consumers must bear.

"We look forward to reviewing the court's order and participating in the next phase of the proceedings. NRF remains committed to pursuing solutions that deliver lasting competition, meaningful fee relief, and a fairer payments marketplace for retailers and the customers they serve."

About NRF
The National Retail Federation passionately advocates for the people, brands, policies and ideas that help retail succeed. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $5.3 trillion to annual GDP and supporting more than one in four U.S. jobs — 55 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies. nrf.com