Group opposes card-fee settlement

Associated Press

NEW YORK

The National Retail Federation is opposing a proposed $7.25 billion settlement that Visa Inc., MasterCard Inc. and major banks have agreed to pay retailers for purported fee-fixing.

The retail trade association said Tuesday that its board has given approval for it to go to court to try to block the settlement. The NRF, which is not a party to the lawsuit, says it is unsure whether outside groups will be allowed to intervene or if the case qualifies as a class action.

The NRF says it believes the proposed settlement will not stop swipe fees from continuing to rise.