Consumer Reports (CR) joined AELP and US PIRG in objecting to the proposed settlement of the Interchange Fee and Merchant Discount Antitrust Litigation.
As we explain the proposed settlement falls far short of a fair and reasonable outcome, as it fails to sufficiently address anticompetitive behavior and promote competition in the interchange fee system. Instead in exchange for minimal and temporary credit interchange rate reductions, all merchants and acceptors of card payments would be compelled under the proposed settlement to irrevocably waive all claims against Visa and Mastercard regarding their excessive interchange fees. The settlement also explicitly allows for surcharges that will be passed on to consumers.