NEW YORK — Target Corp., one of the biggest retailers in the country, joined groups including the National Association of Convenience Stores in opposing the proposed $7.25 billion settlement of a lawsuit brought by a group of retailers against Visa and MasterCard and a dozen large banks.
"Target believes the proposed interchange fee settlement is bad for both retailers and consumers," the Minnesota-based retail store chain said today. "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 said 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."
Many of the largest retailers were not a party to the lawsuit, though several including Target, have filed suits of their own.