Core Viewpoint - Five consumer and business advocacy groups are challenging a proposed settlement aimed at resolving long-standing antitrust litigation with Visa and Mastercard regarding interchange fees, arguing that the changes made are insufficient to address the issues of excessive fees and lack of competition in the interchange fee system [1][2]. Group Involvement - The advocacy groups involved include the American Economic Liberties Project, Consumer Reports, Demand Progress Education Fund, Small Business Majority, and U.S. Public Interest Research Group, all of which accept payments via Visa and Mastercard and would be affected by the settlement if approved [3]. Objections to the Settlement - The groups filed a 23-page objection in federal court, highlighting significant flaws in the proposed settlement, including loopholes that could allow Visa and Mastercard to bypass fee reductions [4]. - They criticized the proposal for failing to change the central fixing of interchange rates by Visa and Mastercard for card-issuing banks, which they see as a major shortcoming [5]. Proposed Changes - The new proposal, introduced in November, suggests a 0.1% reduction in credit interchange rates for five years and a 1.25% rate for standard consumer cards for eight years. It also allows merchants to decline certain higher-cost Visa and Mastercard-branded credit cards and to impose surcharges on some cards [6]. Retailer Concerns - Walmart, the largest U.S. retailer, has also objected to the settlement, requesting that the class of merchant plaintiffs be divided due to differing interests between large national retailers and smaller members [7].