WASHINGTON--()--On July 13th, 2012, the U.S. District Court for the Eastern District of New York announced that a settlement was reached in the long-running legal dispute between retailers, payment networks and nine major card issuers over interchange fees and rules. Recently, some retail trade groups have begun publicly attacking the settlement that they were intimately involved in developing.
Trish Wexler, spokeswoman for the Electronic Payments Coalition, issued the following statement:
“It is clear that for some retail lobbying groups, nothing is ever enough. By publicly ‘objecting’ to a settlement that they themselves designed, they hope to create enough noise to secure even more handouts from Capitol Hill. This is politically motivated greed and must be seen for what it is. These same tired arguments were already raised over and over during the seven year negotiation, and would have been included in the final terms if they had merit. Moreover, retailers have yet to pass along savings to consumers from their last Washington handout – the Durbin amendment – so why should anyone believe these arguments today? We remain confident that this truly is the end of the ‘swipe fee’ debate, and that preliminary approval and eventually final approval will be granted by the court.”
About the Electronic Payments Coalition
The Electronic Payments Coalition (EPC) includes credit unions, banks, and payment card networks that move electronic payments quickly and securely between millions of merchants and millions of consumers across the globe. EPC’s goal is to protect the value, innovation, convenience and competition in today’s growing electronic payments system. EPC educates policymakers, consumers and the media on the system’s role in economic growth, and the importance of protecting consumer choice and stability for the continued growth of global commerce.