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Retail association opts out of billion-dollar settlement

RILA said the credit card fee agreement is a “bad deal”

The Retail Industry Leaders Association (RILA) announced yesterday that it will reject a proposed multibillion-dollar settlement that it says is a “bad deal” for millions of U.S. merchants.

The $7.2 billion proposed settlement would resolve a case that began eight years ago. The suit, which was brought on behalf of U.S. merchants, accused Visa and Mastercard of artificially raising swipe fees that merchants pay to process credit card payments. RILA, which represents some of the largest U.S. retailers, said it plans to “make a statement” by opting out of the settlement just as counsel were preparing to file for approval from a federal judge.


Cathleen Flahardy

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