Dive Summary:
- Visa has responded after major retailers, including Wal-Mart, Starbucks, Target and Domino's Pizza, rejected a $7.25 billion settlement over swipe fees, and the credit card giant doesn't expect to see its broader agreement derailed.
- Visa Inc. Chief Executive Charles Scharf addressed investors in San Francisco, predicting that the perspectives of Visa, Mastercard and the court involved in the case were unlikely to shift as a result of retailers backing out.
- Scharf is currently working to improve relationships between merchants and Visa, but hundreds of retailers currently oppose the settlement deal, complicating that goal.
From the article:
... In a meeting with investors in San Francisco, Mr. Scharf said it appears merchants representing roughly 25% of Visa and MasterCard Inc.'s MA +0.95% credit-card sales volume won't participate in the settlement. Despite the figure, "We don't think it changes the outcome of our position, or the court's," Mr. Scharf said. ...
