NCRMA has learned that at least one company is soliciting members to sign up for its claims recovery services for a hefty fee in connection with the pending credit card interchange fee class action litigation.
All of NCRMA’s national counterparts – the Retail Industry Leaders Association, the National Grocers Association, Food Marketing Institute and the National Retail Federation have gone on record as opposing the proposed settlement of the lawsuit, brought by a group of merchants and trade groups. The lawsuit alleges that Visa and MasterCard and a number of the nation’s largest banks engaged in collusive practices by setting credit card interchange fees (“swipe fees”) at exorbitant levels and limiting competition.
NCRMA strongly advises that you do NOT have to do business with these recovery firms, both because it suggests a willingness on the part of members to accept the settlement and because these types of companies charge unnecessary and often exorbitant fees. In the event the court ultimately approves the settlement, we will assist members involved in the suit in navigating the recovery process. It is important for retailers to understand that the complete settlement proposal has not yet been submitted to the Court and it could be months before a Court decision is reached on whether or not to approve the proposed settlement.
NOTE: The information provided is intended for informational purposes only and is in no way intended to serve as legal advice. Please consult a licensed attorney to address specific questions.