NGA to Appeal Swipe Fee Settlement
"NGA has consistently expressed opposition to the settlement that was issued in July 2012 due to its failure to provide meaningful relief for merchants and consumers from excessive credit card swipe fees, and places restrictions on a merchant's ability to seek further relief in the courts,” so said Peter J. Larkin, president and CEO of the National Grocers Association (NGA), on U.S. District Court Judge Gleeson’s decision to grant final approval to the proposed settlement of the ongoing swipe fee antitrust litigation.
“While we anticipated that a decision of final approval was likely, NGA and hundreds of retailers joined in stating their objections to the proposed settlement, and we expect that many of those who opposed the approval, including our organization, will join in appealing this decision," added Larkin.
The lawsuit was filed in 2005 by the NGA and other associations and merchants against Visa, MasterCard and some of the nation's largest banks alleging they violated antitrust laws by fixing the prices of credit card interchange fees, also known as "swipe fees," and setting anti-competitive rules.
In July of 2012, the NGA Board voted to oppose the settlement agreement; NGA opposed the final approval of the proposed settlement at the fairness hearing before Judge Gleeson on Sept. 12 of this year.
The Arlington, Va.-based National Grocers Association is the national trade association representing the retail and wholesale grocers that comprise the independent sector of the food distribution industry.