NACS has raised concerns about the September 18 settlement announced in the In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation (MDL 1720).
“The broken swipe fee system will not be fixed simply by Visa and Mastercard throwing some money to merchants,” said Lyle Beckwith, NACS senior vice president for government relations. “These cases must bring real reform to make a difference. We are pleased to see that some of the merchants’ lawyers and representatives refused to sign onto this flawed settlement and are continuing to press for the changes that antitrust law calls for and merchants and their customers deserve.”
NACS is offering its members an on-demand webinar that will walk through the terms of the new $6.24 billion settlement that Visa and Mastercard reached with plaintiffs’ lawyers. The webinar provides context for the settlement and covers what’s in the deal, what’s not in the deal and how the legal process will play out going forward. The webinar is intended to help NACS retail members understand the settlement and their options so they can best evaluate what to watch for and what steps to take. NACS members can view the webinar here (login required).
NACS also has prepared a fact sheet, “The 2018 Visa, Mastercard Swipe Fee Settlement: What it Means For Merchants,” which is available to members (login required). The fact sheet includes information about what the settlement covers, who is eligible, what retailer members of the class will receive and what next steps retailers should consider.