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"Money is the sign of liberty. To curse money is to curse liberty--to curse life, which is nothing, if it be not free." -- de Gourmont

Friday, July 13, 2012

NACS Rejects Antitrust Settlement With Visa and MasterCard

The proposed settlement of longstanding antitrust litigation between merchants and the credit card industry was rejected by NACS, a class plaintiff in the lawsuit.

Because the proposed settlement does not introduce competition and transparency into the broken credit card swipe fee market, the NACS Board of Directors, comprised of more than two dozen merchants, unanimously rejected the proposed settlement agreement.

NACS Chairman Tom Robinson:

Not only does the proposed settlement fail to introduce competition and transparency into a clearly broken market, it actually provides Visa and MasterCard with the tools to continue to shield swipe fees from market forces