Target opposes proposed $7.25B settlement on credit card fees - Bring Me The News

Target opposes proposed $7.25B settlement on credit card fees

Minneapolis-based Target Corporation has joined a growing list of more than two dozen retailers who object the propposed multi-billion dollar deal to settle a seven-year class-action lawsuit, Twin Cities Business reports. More than 7 million merchants claim Visa, MasterCard and some of the nation's largest banks fixed the fees they charge to retailers on credit card transactions. A Minneapolis-based law firm filed the case in 2005 and announced the agreement earlier this month. The class-action settlement still requires a judge's approval.
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Minneapolis-based Target Corporation has joined a growing list of more than two dozen retailers who object the propposed multi-billion dollar deal to settle a seven-year class-action lawsuit, Twin Cities Business reports.

More than 7 million merchants claim Visa, MasterCard and some of the nation's largest banks fixed the fees they charge to retailers on credit card transactions. A Minneapolis-based law firm filed the case in 2005 and announced the agreement earlier this month. The class-action settlement still requires a judge's approval.

Target issued the following statement:

“Target believes the proposed interchange fee settlement is bad for both retailers and consumers. The proposed settlement would perpetuate a broken system, restrict retailers from any future legal action, and offer no long-term relief for retailers or consumers. In addition, Target has no interest in surcharging guests who use credit and debit cards in order to allow Visa and MasterCard to continue charging unfair fees. We will continue to explore our options while working toward a solution that represents true reform.”

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