NGA and eight other national associations vowed to continue the fight for credit card reform and oppose the proposed settlement in the case of “In Re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation.” In elaborating on his comments in the attached press release, Peter Larkin NGA’s President and CEO issued the following statement:
“NGA is strongly opposed to the proposed settlement because it does not the achieve the objectives NGA set out over seven and half years ago when it entered the class action litigation to represent the best interests of its independent retail members and the other merchants in the class. Rather than bring fundamental reform to credit card swipe fees and the anticompetitive rules set by the credit card companies it will further entrench their market power and restrain merchants’ rights – even those that don’t yet exist – to challenge anticompetitive practices in the future, especially in the face of merchants attempts to use technological solutions to offer competitive payment options to consumers.”
NGA will be one of the opponents that will be joining with other associations in filing a brief in opposition to preliminary approval 30 days after the proposal is filed with the Court, which must occur no later than October 19. NGA members that wish to join in support of NGA’s opposition will soon be given an opportunity to do so.