Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

10/15/2012 (1 year 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 (1 year 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'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for August 2014
Refugees:
That refugees, forced by violence to abandon their homes, may find a generous welcome and the protection of their rights.
Oceania: That Christians in Oceania may joyfully announce the faith to all the people of that region.



Comments


More Business & Economics

Are you ready? Economic analysts predict bear market by end of 2014 Watch

Image of Economic analysts are predicting a significant drop in the market, which may be as high as 60%.

By Catholic Online (NEWS CONSORTIUM)

Two financial experts announced on August 27 that markets may face a fall of up to 60% by the end of 2014. LOS ANGELES, CA (Catholic Online) - David Tice, the president of Tice Capital and founder of the Prudent Bear Fund, reported that a jolt to international ... continue reading


Oh really Obama? President claims economic success while population dependent on food stamps hit all time high Watch

Image of The number of Americans on food stamps has not decreased since 2011, despite claims from President Obama that the U.S. economy has recovered under his policies.

By Catholic Online (NEWS CONSORTIUM)

Democrats are facing a tough midterm election, and with less than three months to go the party is scrambling to prop up the image of the U.S. economy in the minds of disgruntled voters. LOS ANGELES, CA (Catholic Online) - Yet one of the quickest shorthand ... continue reading


Here comes a boom! $7 trillion in untapped funds to flood global market Watch

Image of A report suggests that corporations and equity firms hold nearly $7 trillion in cash reserves that could bolster the world's economy.

By Catholic Online (NEWS CONSORTIUM)

A new boost to the global economic recovery may happen soon, as corporate giants and private equity firms prepare to tap into cash reserves of $7 trillion, stored since the current financial crisis began back in 2008. LOS ANGELES, CA (Catholic Online) - Investors ... continue reading


OBAMA PARTIES AS ROME BURNS: U.S. wages down by 23 percent - while president takes a vacation Watch

Image of The timing of Obama's swank vacation has even the president's supporters worried.

By Catholic Online (NEWS CONSORTIUM)

Lots of negative news to go around - Ebola seems to be spreading worldwide, Islamic State is increasing its stranglehold on Iraq, a much beloved comedian and screen actor is found dead at home, an apparent suicide - U.S. President Barack Obama is in Martha's ... continue reading


Religious orders NEED to understand economics Watch

Image of A letter from two high-ranking Catholic officials requests that religious orders gain a better understanding of finance and economics.

By Catholic Online (NEWS CONSORTIUM)

In a letter addressed to members of religious communities, Vatican officials requested that these groups should not be ignorant of economic realities connected to community life and a mission of serving the world in the name of the Church. LOS ANGELES, CA ... continue reading


THANKS, BARACK! Federal debt up $7 TRILLION under your watch. Watch

Image of By the close of business on July 31, 2014, it had risen to $17,687,136,723,410.59, up $7,060,259,674,497.51 since Obama first inauguration day.

By Catholic Online (NEWS CONSORTIUM)

Thanks, Barack! The total federal debt of the U.S. government has increased more than $7 trillion during the slightly more than five and a half years Barack Obama has been president. That's more than the debt increased under all U.S. presidents from George ... continue reading


Live Catholic - Shop Catholic - Guess who now accepts checks?

Image of Catholic Shopping .com now accepts checks via Dwolla!

By Catholic Online (NEWS CONSORTIUM)

Guess who now accepts checks? Catholic Shopping .com does! This new option now makes it easier for you to control how you pay for the things you like. LOS ANGELES, CA (Catholic Online) - Catholic Shopping .com is now accepting checks via the online processor, Dwolla. ... continue reading


Unemployment in the U.S. - never went away! Many still without work Watch

Image of The number of Americans not in the labor force dropped only slightly in July, down 119,000 from the 92,120,000 Americans not in the labor force in June.

By Catholic Online (NEWS CONSORTIUM)

It may have fallen off the radar of many news outlets - but joblessness is still a BIG problem here in the United States. Since President Obama took office in January 2009, 11.4 million Americans 16 years and older have left the workforce, according to data ... continue reading


INDEBTEDNESS: One in three U.S. adults have 'debt in collections' Watch

Image of One in three American adults are so far behind in personal debt that many of their accounts have been referred to collections.

By Catholic Online (NEWS CONSORTIUM)

Some call it the American way, and it's become a most uncomfortable fact of life for many Americans. Personal debt is at an all-time high, and at least one in three Americans, 77 million people, have had their debt referred to collection agencies as a result. ... continue reading


LUMP OF COAL - LITERALLY! Coal companies pushed to brink of insolvency by Obama policies Watch

Image of The very fuel that fed the Industrial Revolution and powered U.S. growth for much of the past century, the coal industry finds itself on the brink of insolvency, with many companies going out of business.

By Catholic Online (NEWS CONSORTIUM)

Dealing with cheap natural gas and tighter regulation, the U.S. coal industry has fallen on hard times. The very fuel that fed the Industrial Revolution and powered U.S. growth for much of the past century, the coal industry finds itself on the brink of ... 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, First Corinthians 2:10-16
10 to us, though, God has given revelation through ... Read More

Psalm, Psalms 145:8-9, 10-11, 12-13, 13-14
8 Yahweh is tenderness and pity, slow to anger, full ... Read More

Gospel, Luke 4:31-37
31 He went down to Capernaum, a town in Galilee, and ... Read More

Saint of the Day

Saint of the Day for September 2nd, 2014 Image

St. Ingrid of Sweden
September 2: Born in Skänninge, Sweden, in the 13th century, St. Ingrid lived ... 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