Natso, the truck stop operator association, has rejected a proposed settlement of an antitrust lawsuit alleging that Visa, MasterCard and national banks colluded to set artificially high swipe fees, the association said Monday.
The settlement was rejected because the association wanted reform in the swipe fee system.
According to Natso, the settlement would hurt merchants and customers as fees would be raised to offset the damages and legal fees.
“If merchants accept the proposal, Visa and MasterCard will operate without the threat of future litigation,” said Lisa Mullings, Natso president.