Interchange Settlement Receives Final Approval
On December 13, 2013, the U.S. District Court for the Eastern District of New York approved a settlement in the long-running legal dispute between retailers, payment networks and nine major card issuers over interchange fees and rules.
The Electronic Payments Coalition issued the following statement:
“The long political conflict over interchange fees is finally over, settled by a well-established legal process, which brought together retailers and the card industry for a negotiated resolution. After years of mediation, dozens of meetings, and millions of pages of evidence, the parties involved have willingly agreed to settle their dispute.
“This settlement is in the best interest of all involved parties and that has been proven today with the court’s final approval.”
EPC Member Statements:
- MasterCard Statement: Here
- Visa Statement: Here
- ABA Statement: Here
- ETA Statement: Here
- NAFCU Statement: Here
What Others Have Said…
- “I conclude that the proposed settlement secures both a significant damage award and meaningful injunctive relief for a class of merchants that would face a substantial likelihood of securing no relief at all if this case were to proceed,” U.S. District Judge John Gleeson.
- “It will reduce the fees and overall prices that consumers pay, which is good for merchants and consumers,” said Patrick J. Coughlin, one of the merchants’ attorneys and senior trial counsel at Robbins Geller Rudman & Dowd. “There will be more transparency in the pricing.”