The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

Lowe's Joins RILA Opposition to Proposed Swipe Fee Settlement

Friday, August 24, 2012

Lowe's Joins RILA Opposition to Proposed Swipe Fee Settlement17:19 EDT Friday, August 24, 2012 MOORESVILLE, N.C. (Business Wire) -- Today Lowe's joined the Retail Industry Leaders Association (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 and MasterCard. “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. RILA joins numerous other organizations speaking out in opposition to the proposal, including the National Association of Convenience Stores, the National Grocers Association, the National Cooperative Grocers Association, and the National Community Pharmacists Association. Lowe's is a member of RILA, the trade association of the world's largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad. About Lowe's With fiscal year 2011 sales of $50.2 billion, Lowe's Companies, Inc. is a FORTUNE® 100 company that serves approximately 15 million customers a week at more than 1,745 home improvement stores in the United States, Canada and Mexico. Founded in 1946 and based in Mooresville, N.C., Lowe's is the second-largest home improvement retailer in the world. For more information, visit Lowe?s Companies, Inc.Karen Cobb,