Lowe's Companies Inc. (LOW) said on Friday that it joined the Retail Industry Leaders Association or RILA and other retail trade organizations in criticizing the proposed swipe fee settlement and urged class plaintiffs to reject the proposal. Announced in July, the proposed settlement stems from lawsuits challenging the anticompetitive swipe fee practices of Visa (V) and MasterCard (MA).
"Hidden credit card and debit card interchange fees cost retailers billions of dollars a year that ultimately get passed along to customers. The proposed settlement preserves the Visa/MasterCard duopoly and does nothing to prohibit the credit card networks from continually increasing hidden swipe fees, potentially restricts new payment innovations that could bring competition to the marketplace, and, provides no transparency to the retailer or the customer of what the credit card networks charge," said Scott Mason, Lowe's vice president of government affairs.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.