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EPC Press Release: Preliminary Approval Granted in Landmark Settlement Between Retailers and Payment Card Industry

  EPC Press Release: Preliminary Approval Granted in Landmark Settlement
  Between Retailers and Payment Card Industry

Business Wire

WASHINGTON -- November 09, 2012

Today, the Honorable Judge John Gleeson of the U.S. District Court for the
Eastern District of New York granted preliminary approval of the landmark
settlement agreement between retailers, payment networks and nine major card
issuers, over merchant interchange fees. The settlement was originally
announced on July 13^th after several years of litigation.

“We view Judge Gleeson’s ruling today as further indication that this historic
settlement is a fair and balanced resolution to the epic swipe fee battle,”
said Trish Wexler, spokeswoman for the Electronic Payments Coalition. “After
seven years of negotiation, two years of mediation, and compromise by both
sides, the judicial process continues to work effectively and we have taken
another important step toward settling this dispute between retailers and the
payment card industry.”

The preliminary approval of this historic settlement will almost immediately
give retailers the many benefits they demanded. Sixty days from today, the
card networks will implement rule changes. Merchants will now have the ability
to add checkout fees (a retailer surcharge) at the register and form buying
groups.

Today’s action by the Court follows “objections” by a number of retailers –
objections the Judge carefully considered, but concluded that they provide no
basis to deny preliminary approval of the settlement. It is anticipated that
these retailers will continue to raise concerns throughout the process.

“Let’s be clear – the objections from retailer lobbying groups are largely
politically motivated, in hopes of influencing Congress to give them even more
political handouts,” said Wexler. “Regardless, we remain entirely confident
that the settlement will ultimately be approved – it is time to put an end to
this epic battle.”

To read more about the details of the settlement and the interchange issue,
visit www.ElectronicPaymentsCoalition.org/settlement.

                   About the Electronic Payments Coalition

  The Electronic Payments Coalition (EPC) includes credit unions, banks, and
   payment card networks that move electronic payments quickly and securely
  between millions of merchants and millions of consumers across the globe.
EPC’s goal is to protect the value, innovation, convenience and competition in
    today’s growing electronic payments system. EPC educates policymakers,
   consumers and the media on the system’s role in economic growth, and the
   importance of protecting consumer choice and stability for the continued
                          growth of global commerce.

Contact:

Electronic Payments Coalition
Trish Wexler, 202-288-1238
trish@electronicpaymentscoalition.org