Teleconference to be Held Against Swipe Fee Settlement
Merchants plan to host a teleconference call at 11 a.m. EST on Monday, Oct. 22 to voice their objections regarding the proposed interchange settlement submitted today for preliminary approval.
The teleconference will be hosted by Peter Larkin, president and CEO, National Grocers Association; Doug Kantor, counsel to the National Association of Convenience Stores (NACS); Dave Carpenter, president and CEO, J.D. Carpenter Companies (IA) and NACS Chairman; and Scott Defife, EVP, policy and government affairs, National Restaurant Association (NRA).
The proposed settlement of "In Re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation" is opposed by a majority of the named plaintiffs on the grounds that it will continue to allow the credit card industry to take advantage of merchants and their customers while blocking competition and choice.
The named class plaintiffs opposing the proposed settlement include: Affiliated Foods Midwest, Coborn's, Inc., D'Agostino Supermarkets, Jetro Holdings, Inc. and Jetro Cash & Carry Enterprises, National Association of Convenience Stores (NACS), NATSO, National Community Pharmacists Association (NCPA), National Cooperative Grocers Association (NCGA), National Grocers Association (NGA), and National Restaurant Association (NRA).
According to the NGA, the named plaintiffs have been joined in the litigation by a growing chorus of members of the merchant class including the National Retail Federation (NRF), Retail Industry Leaders Association (RILA), and National Association of College Stores (NACS), who have come out in opposition to the proposed settlement.
To join the teleconference, call 800-434-1335 (direct dial: 404.920.6442), and use the passcode: 127372#.