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MAJOR US RETAILERS BLAST MASTERCARD, VISA CARD FEES SETTLEMENT

By Mike Scarcella
April 29, 20246:59 PM GMT+2Updated 3 days ago
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A screen displays the company logo for Mastercard Inc. on the floor at the New
York Stock Exchange (NYSE) in New York City, U.S., February 29, 2024.
REUTERS/Brendan McDermid/File Photo Purchase Licensing RightsNew Tab, opens new
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April 29 (Reuters) - Target, Walmart, and other retailers have urged a U.S.
judge to reject a proposed class-action settlement with Visa and Mastercard over
credit and debit card fees, saying the accord does not go far enough.
The companies opposed the settlement in a series of filings on Friday in
Brooklyn, New York, federal court, where Visa and Mastercard have battled claims
since 2005 that they artificially inflated some fees on merchants in
transactions involving consumers’ credit or debit cards.
Advertisement · Scroll to continue

The settlement with merchants, announced in March, would cap rates for card fees
for five years and give sellers more authority to offer discounts based on the
use of certain cards. Under current rules, merchants cannot “steer” customers to
use cards with lower fees.
Visa and Mastercard denied any wrongdoing in agreeing to the settlement, which
lawyers for the plaintiffs estimated will save merchants nearly $30 billion.
Advertisement · Scroll to continue

The retailers' objections tee up what is expected to be a major showdown over
the fairness of the settlement, which requires court approval.
The objectors complained in their filings that Visa and Mastercard would be
allowed to resume anticompetitive practices after a five-year pause. Some
retailers called the accord’s purported benefits “illusory.”
Walmart in its filingNew Tab, opens new tab said small local merchants “traded
away the interests of large national merchants for relief that is worthless to
the members with the most at stake in this litigation.”

Target arguedNew Tab, opens new tab that the proposed settlement “would provide
cover for a naked price-fixing agreement between Visa and Mastercard” if it is
approved.
The National Retail Federation calledNew Tab, opens new tab the agreed rate
reduction a “drop in the bucket,” saving merchants some $6 billion a year. The
industry group said Visa and Mastercard’s credit card fees were $100 billion
last year.
A preliminary hearing on the settlement is scheduled for June 13.
Advertisement · Scroll to continue

In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation,
U.S. District Court, Eastern District of New York, No. 1:05-md-01720.
Read more:
US Supreme Court declines Visa, Mastercard appeal in ATM class action
Visa, Mastercard reach $30 billion settlement over credit card fees
Visa, MasterCard $5.6 bln settlement with retailers is upheld

Get a quick look at the days breaking legal news and analysis from The Afternoon
Docket newsletter. Sign up here.

Reporting by Mike Scarcella

Our Standards: The Thomson Reuters Trust Principles.New Tab, opens new tab

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