Target Joins Card Settlement Opposition (Update 1)
NEW YORK (TheStreet) -- Target Corp.(TGT) joined groups including the National Association of Convenience Stores in opposing a proposed $7.25 billion settlement of a lawsuit brought by a large group of retailers against Visa(V) , MasterCard(MA) and most of the largest U.S. banks.
"Target believes the proposed interchange fee settlement is bad for both retailers and consumers. The proposed settlement would perpetuate a broken system, restrict retailers from any future legal action and offer no long-term relief for retailers or consumers. In addition, Target has no interest in surcharging guests who use credit and debit cards in order to allow VISA and MasterCard to continue charging unfair fees. We will continue to explore our options while working toward a solution that represents true reform," read a statement from the retailer. Target was not a named plaintiff in the lawsuit but would be impacted by the settlement.
-- Written by Dan Freed in New York.