As you know, on Friday, July 13th, 2012 it was announced that Visa, MasterCard, and a number of large credit card issuers had reached an out of court Settlement with US Merchants regarding a Class Action Lawsuit on Interchange and card rules. The Settlement is complex and impacts ALL Merchants and acceptors of credit cards, not just those involved in the Class Action suit.

Unfortunately, the media has not gotten everything quite right and has omitted several important considerations and after speaking to some Merchants at a recent conference, it seems that there is a need for more information and clarification of the issues. I have created an Advisory, which you can view by clicking here or by visiting RPGC.com, to help guide interested parties in understanding the details of the Settlement.

The Advisory is not legal advice nor a call to action (you all get to decide that part).  My aim is to offer information based on my learnings from talking with attorneys and from reviewing the Settlement document myself. The documents can also be used by you to explain the issues to your respective Legal Departments and other Senior Managers so you can all make a better informed decision on how to proceed. Of course, I also recommend reviewing the Settlement itself in full if you haven’t already done so.

If you’d like additional information, desire clarification on the issues, or would like contact information for appropriate Legal advice, do not hesitate to contact me.

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