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NRF Faces Storm Surge Generated by Swipe Fee Deal
November 12, 2012
The courts delivered another blow to merchants who oppose the credit card interchange fee settlement deal by issuing preliminary approval to the agreement on Friday. Immediately after the decision was made, the NRF issued its statement which laid out its argument against the deal:
NRF argued in its brief that the settlement could not legally be certified as a class action because it attempts to force a one-size-fits-all solution onto a wildly diverse group of merchants. It also argued that a provision barring all retailers – including those who opt out of the settlement and even those who do not yet exist – from filing future lawsuits over swipe fees is impermissibly broad under federal law.
The mention of federal law suggest the NRF may be pondering a larger move and one that could set up a day in court at the Supreme Court, which might put this disagreement to rest once and for all. In the meantime, with the election over and all eyes focused on the fiscal cliff, healthcare mandates, and nursing an ailing economy back to health, it’s unlikely Congress will address this issue anytime soon.
to read more from Chain Store Age.
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