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The National Restaurant Association (NRA) yesterday said that it opposes the terms of a proposed settlement of a lawsuit by a consortium of retailers against MasterCard and Visa over interchange swipe fees.

"After careful and deliberative considerations, the National Restaurant Association Board of Directors’ Executive Committee decided unanimously to reject the proposed settlement agreement on interchange swipe fees," said Dawn Sweeney, president/CEO. "There is strong concern that the proposed settlement agreement will not achieve the litigation’s most critical goal – to fundamentally change a broken marketplace in which swipe fees are set."

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:
Dead settlement walking.