WASHINGTON — The National Retail Federation expressed disappointment Wednesday after a federal judge granted preliminary approval to a proposed settlement in the long-running antitrust lawsuit against Visa and Mastercard regarding credit card swipe fees.
In a statement after U.S. District Judge Brian Cogan's decision, NRF said the proposed agreement fails to address what retailers view as a lack of competition in the payments marketplace and does little to curb rising transaction costs.
“Retailers continue to face excessive and ever-increasing swipe fees in a broken payments market that lacks competition,” the association said. “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.”
The litigation centers on interchange fees, commonly known as swipe fees, which merchants pay when consumers use credit cards. Retail groups have long argued that these fees are among the highest in the world and continue to rise without sufficient competitive pressure.
NRF said it plans to review the court’s order, participate in the next phase of the proceedings, and continue advocating for reforms to increase competition in the payments ecosystem.
“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,” the organization said.
The case is among the most closely watched legal battles in the retail industry, with merchants seeking changes to payment network practices they contend drive up costs for businesses and consumers alike.
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