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The Retail Industry Leaders Association (RILA) has come out with a statement criticizing the proposed swipe fee settlement and urging class plaintiffs to reject the proposal.

Announced in July, the proposed settlement stems from lawsuits challenging the anticompetitive swipe fee practices of Visa and MasterCard.

"While Visa and MasterCard's decision to pursue a settlement affirms the legitimacy of retailers' claims, the flawed proposal upholds the networks' anticompetitive practices and fails to provide retailers and their consumers with meaningful relief from tens of billions of dollars in hidden fees," said RILA President Sandy Kennedy. "We urge class plaintiffs to reject the proposal and send a clear message that a settlement that fails to engender competition and fix the broken electronic payments market is unacceptable."

Among the other institutions that have come out against the settlement are the National Association of Convenience Stores (NACS), the National Grocers Association (NGA), the National Cooperative Grocers Association (NCGA), Walmart, and Target.
KC's View:
I cannot imagine at this point that the settlement is going to be approved. The opposition just seems too stiff...and I don't blame these companies for believing that the settlement does little for them in the long term.