The National Cooperative Grocers Association (NCGA) have joined a number of organisations in opposing the proposed antitrust settlement agreement with Visa, MasterCard and some of the nation's largest banks.
The objections have arisen because they believe that rather than reforming the anticompetitive and illegal practices engaged in by the credit card industry, it will allow that industry to continue to take advantage of merchants and their customers while blocking competition and choice.
In addition to the challenges for merchants, consumers struggling to pay for the basics need relief. Over the last seven years, merchants and ultimately consumers have been charged $350 billion in swipe fees by the card companies.
"We have a responsibility to represent all U.S. merchants and a settlement that cuts off the best chance for the market to help deal with swipe fees and mobile payments, cannot be allowed to go forward," said Robynn Shrader, CEO of NCGA.
The NCGA are one of several companies involved in opposing the proposal, along with: Affiliated Foods Midwest, Coborn's, Inc., D'Agostino Supermarkets, Jetro Holdings, Inc. and Jetro Cash & Carry Enterprises, National Association of Convenience Stores (NACS), NATSO, National Community Pharmacists Association (NCPA), National Grocers Association (NGA), and National Restaurant Association (NRA).
"Class counsel" was expected to file the proposed settlement on October 12 and ask the United States District Court for the Eastern District of New York for preliminary approval.
Opponents of the settlement will file a brief in opposition to preliminary approval either on November 13, 2012 or 30 days after the proposal is filed.