BDO Knows Retail & Consumer Products Alert - June 2014
In December 2013, a U.S. District Judge approved the largest private antitrust settlement in U.S. history - a $5.7 billion resolution between Visa and MasterCard surrounding interchange fees. This decision came after years of complaints from retailers about their inability to negotiate interchange fee amounts with these two major credit card companies. However, the settlement is far from finished. The National Retail Federation and the National Association of Convenience Stores announced earlier this month that they will petition the Supreme Court to hear the case, seeking the final word on a debate that has placed retailers, credit card companies and the Fed at odds. Depending on the fate of the case at the hands of the Supreme Court, the situation could change significantly and provide opportunities for retailers to recoup the costs associated with swipe fees. Read our latest BDO Retail Alert for more information on the settlement and its potential economic impacts.