Retail group says swipe-fee settlement too weak

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Associated Press

Posted on January 2, 2014 at 8:01 PM

Updated Thursday, Jan 2 at 11:02 PM

NEW YORK (AP) — The National Retail Federation is appealing a $7.25 billion settlement over credit card swipe fees, saying the deal won't stop fees from soaring in the future.

Last month, a federal judge approved the settlement between retailers and card giants Visa Inc. and MasterCard Inc. Retailers had accused the card companies of conspiring to fix transaction fees charged to stores for handling credit card payments.

The National Retail Federation said Thursday that the settlement was flawed and wouldn't stop fees from rising, but rather just have merchants pass them along to consumers.

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