A major trade group, the National Retail Federation, objected Friday to a landmark litigation settlement some merchants reached with the card networks Visa and Mastercard last month over past overcharges.
The NRF, which represents thousands of U.S. retailers, told the judge overseeing a long-running class action that the settlement reducing fees charged by bank card issuers and the networks falls short of needed remediation. “Financial relief offered by the proposed settlement is meager and temporary,” the NRF contended in the April 26 letter to U.S. Chief District Judge Margo Brodie.
