Collusion Course: Allegations Muddle Interchange Settlements

Anand Goel was recently quoted in an article on AFP by Andrew Deichler.  This is a great article discussing why the $5.7 billion interchange settlement between Visa/MC and retailers might be in jeopardy.

Here is a preview with a link to the entire article.

The controversial $5.7 billion settlement between Visa, MasterCard and retailers over interchange might be in jeopardy, thanks to collusion charges against two of the lawyers who were working on opposite sides of the case. Collusion charges against the same two attorneys have already quashed a smaller settlement between American Express and merchants, and retailers are vying for the Visa/MasterCard deal to be similarly defeated.

Retail treasurers who weren’t fans of the multibillion dollar deal—and there are a lot of them—should be paying close attention. Many merchants felt that the Visa/MasterCard settlement did not have merchant’s best interests in mind, and this new revelation only adds fuel to that fire. Treasurers opposed to the settlement should reach out to retail trade groups now and lobby for the settlement to be thrown out.

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