ARLINGTON, Va.--(BUSINESS WIRE)--Peter J. Larkin, president and CEO of the National Grocers Association (NGA), released the following statement following the decision of the Second Circuit Court of Appeals in the antitrust case: In Re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation.
“While NGA is still reviewing today’s decision by the Second Circuit Court of Appeals that reversed the approval of the settlement, NGA is very pleased with this decision. NGA joined with numerous other merchants and trade associations that opposed the settlement because the class was improperly certified and the settlement was unreasonable and inadequate. Today’s decision confirms that.
When NGA joined the lawsuit over 11 years ago, it did so to bring about real reforms that included increased competition and transparency of the anti-competitive credit card swipe fee system. NGA opposed the settlement agreement because it failed in this regard by not enacting competition and transparency into the marketplace, allowing Visa and MasterCard to continue their anti-competitive practices. NGA will continue to fight to bring about true reforms to the marketplace.”
About NGA: The National Grocers Association (NGA) is the national trade association representing the retail and wholesale grocers that comprise the independent sector of the food distribution industry. An independent retailer is a privately owned or controlled food retail company operating a variety of formats. The independent grocery sector is accountable for close to one percent of the nation's overall economy and is responsible for generating $131 billion in sales, 944,000 jobs, $30 billion in wages, and $27 billion in taxes. NGA members include retail and wholesale grocers, state grocers associations, as well as manufacturers and service suppliers. For more information about NGA, visit www.nationalgrocers.org.