A federal judge has granted preliminary approval to a proposed settlement in a long-running antitrust lawsuit involving Visa and Mastercard and the credit card swipe fees paid by merchants.
The National Retail Federation (NRF) expressed disappointment with the decision, arguing that the agreement does not provide meaningful relief for retailers facing rising payment processing costs. According to NRF, the settlement leaves in place the current payment card system and does not address concerns about competition in the marketplace.
Credit card swipe fees, also known as interchange fees, are charged to merchants each time a customer uses a credit card for a purchase. Retail industry groups have long argued that these fees continue to increase and place financial pressure on businesses and consumers alike.
Following the court’s preliminary approval, additional legal proceedings are expected as stakeholders review the proposed settlement and consider next steps.
