Retailers Ask Appeals Court to Overturn Credit Card Swipe Fee Settlement

The National Retail Federation (NRF) and the Retail Industry Leaders Association (RILA) have asked an appeals court to overturn a federal judge's approval of a controversial lawsuit settlement over Visa and MasterCard's credit card swipe fees, saying it was negotiated by only a handful of merchants and would do nothing to bring the fees under control. The 2005 lawsuit was brought by 19 retailers and trade associations, but 10 of the plaintiffs, including all of the associations, rejected the settlement when it was unveiled in 2012.