Thursday, June 23, 2005

National Retail Federation - "Smart Brief"

Retailers rally against credit card fees

Following successful attempts by Wal-Mart Stores, CVS, Home Depot and others to cut credit card transaction fees, a group of smaller businesses filed a lawsuit yesterday against several major banks, alleging collusion on these fees. A lawyer for the plaintiffs said the banks are conspiring on these fees, instead of competing for merchants' business with lower fees. The banks did not provide comment. "Consumers ... don't need to have money taken out of their pockets just so the banks can have higher profits," National Retail Federation president Tracy Mullin said. The Wall Street Journal (subscription required) (6/23)