NCGA Opposes Proposed Interchange Fee Settlement & Urges Industry Reform
Today, National Cooperative Grocers Association (NCGA) announces it will reject the recently proposed $7.25 billion class action settlement with Visa Inc., MasterCard Inc., and several major banks. The settlement was offered in response to antitrust litigation alleging unfair practices by credit card and debit card issuers, including charging billions in noncompetitive "swipe" or "interchange" fees to retailers across the country. NCGA is named as one of the plaintiffs in the lawsuit. …