Target assails swipe-fee settlement

  • Article by: JENNIFER BJORHUS , Star Tribune
  • Updated: July 23, 2012 - 8:09 PM

Retailer said it wants a "solution that represents true reform" to a class-action suit over fees charged on credit-card transactions.

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leadkingJul. 24, 12 8:29 AM

Target complains that the credit card swipe fees are too high, but offer a 5% discount if you use a Target Visa card. Definitely talking out of both sides of their mouths at the same time. I avoid them as without a Target card, I'm a second class customer.

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chadauenbgJul. 24, 1212:41 PM

Mr. Wildfang, as a partner at one of the three law firms serving as co-lead counsel for the proposed class, will of course hope that the opposition to his settlement blows over. He is anxious to conclude the $7.25 billion settlement that will pay him handsomely (X% of $7billion). Target and every other retailer worth their salt have similar card relationships solely as a response to the current Visa/Master Card monopoly. It is a work around attempt to recoup the unregulated card processing fees card companies take on every charge. Each day, more retailers are learning that the proposed settlement does nothing to allow competition and it preserves Visa/Master Card's right to charge fees without limits. The settlement gives the card companies amnesty for their past anticompetitive wrong doings. $7.25 billion amounts to about two months of fees being rebated, however the card monopoly is entitled to recoup the money by raising fees again. The system of class action law firm cash grabs is the most lucrative for lawyers. Everyone accepts this capitalist system. The top firms are valued and selected for their skill, and there is significant competition to be selected. Law firms risk their services in hopes of a big pay day. Retail trade journals are filled with suggestions encouraging open competition that should control the fees by Visa/Master Card. Cerisi's firms' proposed settlement accepts the Visa/Master Card behavior that sourced these proceedings and perpetuates their monopoly in pepetuity. Target is correct that the settlement is not a longterm benefit for consumers or retailers.

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redqidJul. 25, 12 7:37 AM

In addition to paying for past actions, the settlement calls for reforms of Visa and MasterCard rules and requires the card companies to negotiate with merchant-organized buying groups. VISA AND MASTERCARD GET A RELEASE FROM SIMILAR LITIGATION IN THE FUTURE. --- I bet the credit card companies like that settlement.

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redqidJul. 25, 12 7:38 AM

I pay more in cash nowadays. Especially at gas stations as I do not like the idea of a skimmer stealing my credit card info.

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