Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

10/15/2012 (2 years ago)

Catholic Online (www.catholic.org)

Analysts say retailers want to see Congress get involved.

Visa and MasterCard have worked out a settlement with several retailers over swipe fees charged to retailers when customers use credit cards. However, the settlement may be rejected by the judge since a majority of the retailers in the suit are opposed to it. 

Credit card companies are crying foul over the rejection of the proposed settlement.

Credit card companies are crying foul over the rejection of the proposed settlement.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

10/15/2012 (2 years ago)

Published in Business & Economics

Keywords: Retailers, credit cards, fees, swipe fees, interchange fees


LOS ANGELES, CA (Catholic Online) - Some retailers are saying they'd rather have no deal at all. The anti-trust class-action suit was filed against credit card companies and banks as a result of allegations that they worked together to inflate swipe fees and interchange fees. These profits came to billions of dollars each year.
Lawyers for both sides worked out a settlement that would see the banks and credit card companies paying back to merchants some $6 billion while making temporary fee reductions. The deal would also allow merchants to charge customers more for using certain cards. 

However, several merchants are objecting to the deal, including Wal-Mart, Target, and Starbucks, as well as several other restraints and retailers. Several of these retailers are not part of the suit, but are sending in their lawyers to fight the deal because they too would be bound by the details of the settlement. 

Analysts say this is an unusual show of force against a proposed settlement, particularly one worth so much money. 

Credit card companies and banks say there's no way retailers can get a better deal. Unhappy retailers have replaced several of their attorneys. 

However, retailers want more transparency into how the fees are set, and several would rather see Congress take up the issue. Attorneys for the credit card companies accuse some retailers of wanting to stalemate the settlement so Congress will act. 

Now, US District Judge John Gleeson, a very experienced justice, will decide if the settlement should be approved or rejected. Typically, judges approve settlements, reluctant to upset the delicate agreements worked out between the parties themselves. 

Even if Gleeson intends to approve the deal, the process is expected to last well into 2013. If he rejects it, it will stretch out much longer as both sides must essentially start over. 

In any case, the controversy over fees will continue for some time to come, and at the end of the day, it will be consumers who pay.


---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Business & Economics

Federal taxes unbelievably through the roof for February Watch

Image of Uncle Sam took in a lot of cabbage for the first few months of 2015. Why is the U.S. still trailing a momentous deficit, then?

By Catholic Online (NEWS CONSORTIUM)

Uncle Sam took in a lot of cabbage for the first few months of 2015. Inflation-adjusted federal tax revenues hit a record $1,185,613,000,000 in the first five months of fiscal 2015. Why is it that the U.S. federal government still ran a $386,537,000,000 deficit ... continue reading


Top 10 most financially important cities in the world Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

New York City is still the most important center in the financial world, according to the latest ranking made by the Long Finance in The Global Financial Index 17. In the latest rankings, it was observed that more cities in Asia are becoming important within the world ... continue reading


Apple topples AT&T from Dow Jones in reflection of iPhone's dominant position Watch

Image of The move by S&P Dow Jones Indices had been widely anticipated since a seven-for-one stock split in June 2014.

By Catholic Online (NEWS CONSORTIUM)

Largest company in the world, Apple will join the Dow Jones Industrial Average to replace AT&T. The change reflects the dominant position of the iPhone maker in the U.S. consumer economy today. The figures tell the tale: Apple has a market capitalization of ... continue reading


'Underage Red': Sephora shocks consumers with inappropriately named lipstick shades Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

With lipstick shades called "Underage Red" and "Lolita," the cosmetic retailer brand Sephora is under fire once again. Using names that refer to young girls being described in a sexualized manner, the lipstick shades grabbed the attention of shoppers, eventually ... continue reading


Oprah Winfrey sadly shuts down Harpo Studios forever Watch

Image of 61-year-old, Oprah Winfrey continues to play an active role in Hollywood, despite the ending of her talk show and now Harpo Studios.

By Abigail James (NEWS CONSORTIUM)

Oprah Winfrey is set to shut down production at her Chicago-based Harpo Studios by the end of 2015. After much thought, the billionaire mogul has decided production for her personal network OWN will be better done in Hollywood. LOS ANGELES, CA (Catholic Online) - The ... continue reading


SHINY, RED APPLE: Computer giant is now twice as big as world's second largest firm, ExxonMobil Watch

Image of Strong sales of the larger-screened iPhones resulted in the largest quarterly profit reported by a company, with device sales rising 29.5 percent in the final three months of 2014 to $74.6 billion,

By Catholic Online (NEWS CONSORTIUM)

How big is Apple? The creator of the iPhone and tablets is SO BIG that it is now currently twice as big as its second-closest rival, ExxonMobil. This is being reflected in the stock market, where shares in Apple jumped 2.7 percent at the start of the week to ... continue reading


WHERE IS YOUR MONEY GOING? Government collects $1 trillion from taxpayers - and there's still a deficit! Watch

Image of Where is all of our hard-earned money going?

By Catholic Online (NEWS CONSORTIUM)

Where is all of our hard-earned money going? Real federal tax revenues for the first time ever topped $1 trillion in the first four months of the fiscal year, October through January, according to data released Wednesday by the U.S. Treasury. LOS ANGELES, CA ... continue reading


80 MILLION Americans have their privacy invaded in Anthem data breach Watch

Image of An internal investigation, days later verified that the company was a victim of a cyber-attack, the company said, and federal authorities were alerted.

By Catholic Online (NEWS CONSORTIUM)

Insurance giant Anthem suffered a massive security breach when hackers broached computer safeguards and mad a wild data grab. Up to 80 million Americans have had their privacy effectively invaded, although authorities say more sensitive information was not ... continue reading


Electronic giant RadioShack files for bankruptcy - but will keep some stores open Watch

Image of The Chapter 11 filing, made in federal bankruptcy court in Delaware, surprised few. RadioShack had not turned a profit since 2011.

By Catholic Online (NEWS CONSORTIUM)

RadioShack, an iconic, 94-year-old electronics chain has filed for bankruptcy protection. The company has decided to sell up to 2,400 of its stores to the wireless service provider Sprint and a hedge fund that is its biggest shareholder. LOS ANGELES, CA ... continue reading


Is your bank account suffering? Here are 5 INCREDIBLY EASY TIPS on how to save money! Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Saving money is not a simple task. It is hard to resist eating out or buying the hottest new music. How can your savings account grow when spending money is so easy in today's world? LOS ANGELES, CA (Catholic Online) - Whether you're planning on moving or looking to ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Isaiah 42:1-7
1 Here is my servant whom I uphold, my chosen one in ... Read More

Psalm, Psalms 27:1, 2, 3, 13-14
1 [Of David] Yahweh is my light and my salvation, ... Read More

Gospel, John 12:1-11
1 Six days before the Passover, Jesus went to ... Read More

Saint of the Day

Saint of the Day for March 30th, 2015 Image

St. Peter Regulatus
March 30: Also Peter Regalado, Franciscan reformer. Peter was born at ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter