NRF & RILA plea to overturn credit card swipe fee decision

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. Neither NRF nor RILA was a plaintiff in the case but both have argued against it because its class-action status would impose its terms on thousands of their members. Today’s brief noted that 19 percent of merchants by card volume formally objected to the settlement and that 25 percent opted out, amounting to a “Who’s Who of American merchants.”

 

The National Retail Federation and the Retail Industry Leaders Association asked an appeals court to overturn a federal judge's approval of a #

The settlement would grant only pennies on the dollar compared with overcharges the lawsuit claimed and small retailers would see as little as a few hundred dollars each. Retailers who reject the monetary settlement would still be bound by other restrictions the court would not allow them to opt out of, including a prohibition on future lawsuits over the fees.

 

The National Retail Federation and the Retail Industry Leaders Association asked an appeals court to overturn a federal judge's approval of a #

The brief cited a number of legal errors in the decision, including failure to adequately balance the monetary relief against the requirement to give up future legal claims, dismissing “substantive and thoughtful” opposition and ignoring a court-appointed expert’s opinion that the proposal for surcharging was of “uncertain” value that would “have only a small impact” on swipe fees.

 

The National Retail Federation and the Retail Industry Leaders Association asked an appeals court to overturn a federal judge's approval of a #

Swipe fees are charged to merchants by banks to process credit card purchases and average about 2 percent of the transaction. They have tripled over the past decade and currently total about $30 billion a year, driving up costs for consumers.

 

The National Retail Federation and the Retail Industry Leaders Association asked an appeals court to overturn a federal judge's approval of a #

NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans. Contributing $2.5 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF’s This is Retail campaign highlights the industry’s opportunities for life-long careers, how retailers strengthen communities, and the critical role that retail plays in driving innovation.

 

The National Retail Federation and the Retail Industry Leaders Association asked an appeals court to overturn a federal judge's approval of a #

RILA is the trade association of the world’s largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers and service suppliers, which together account for more than $1.5 Trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution center domestically and abroad.

 

The National Retail Federation and the Retail Industry Leaders Association asked an appeals court to overturn a federal judge's approval of a #