It’s truly getting to be old news, but yet another retail group — this time the Retail Industry Leaders Association (RILA) — has publicly criticized the settlement of the interchange antitrust lawsuit and is urging retailers to exclude themselves from the deal.
RILA isn’t a household name but its members, which include Apple, Walmart, Pep Boys, Abercrombie & Fitch and more, have influence that goes beyond their numbers. In what’s becoming a common refrain, RILA President Sandy Kennedy said “We urge class plaintiffs to reject the proposal and send a clear message that a settlement that fails to engender competition and fix the broken electronic payments market is unacceptable.”
So far, it’s not clear whether a sufficient number of retailers have disavowed the settlement to kill the deal. The settlement is void if merchants representing 25% of a year’s transaction volume drop out.