The National Retail Federation (NRF) on Monday told the U.S. Supreme Court that the debate over debit card swipe fees is "of staggering importance" and asked the justices to review a ruling that left the Federal Reserve's cap on the billions of transactions conducted each year at 21 cents rather than reducing it to a lower level. "There's so much at stake here for U.S. retailers and their customers that we have no choice but to pursue this case as far as possible," NRF Senior Vice President and General Counsel Mallory Duncan said.
The National Retail Federation (NRF) expressed disappointment in a court decision that will keep the Federal Reserve's cap on debit card swipe fees at 21 cents rather than reducing it to a lower level. "NRF is disappointed and remains confident that the Federal Reserve erred when it set the swipe fee cap far higher than intended by Congress," NRF Senior Vice President and General Counsel Mallory Duncan said. "The Fed ignored congressional intent and worked to shield debit card companies and big banks. A self-described victory for the banks usually results in higher costs for consumers."
The National Retail Federation (NRF) yesterday filed an appeal of an antitrust lawsuit settlement covering credit card swipe fees, asking the 2nd U.S. Circuit Court of Appeals to overturn a lower court's ruling. NRF Senior Vice President and General Counsel Mallory Duncan issued the following statement after the notice to appeal was filed: "NRF is filing the appeal to overturn the flawed credit card swipe fee settlement. The settlement does nothing to reform the price-fixing payments system that's let credit card swipe fees skyrocket over the past decade and nothing to keep them from continuing to soar in the future."
The NRF issued the following statement from its Senior Vice President and General Counsel Mallory Duncan in response to U.S. District Court Judge John Gleeson's approval of an antitrust lawsuit over credit card swipe fees. "We're very disappointed that this deeply flawed settlement has been approved. It's not supported by the retail industry and would do nothing to reduce swipe fees or keep them from rising in the future. The settlement permanently ties the hands of thousands of businesses who wanted nothing to do with this misguided case, and a decision to approve it violates established law and common sense."
Washington, D.C. -- The National Retail Federation issued the following statement from senior VP and general counsel Mallory Duncan in response to U.S. District Court Judge John Gleeson’s approval of...