National Restaurant Association holds webinar on new FTC “junk rule” proposed rule.
On Tuesday, December 19, the National Restaurant Association held a webinar on the Federal Trade Commission’s proposed rule on “Unfair or Deceptive Fees” that would force U.S. businesses to eliminate the use of “hidden” and “misleading” fees. The proposed rule would instead require businesses to post total prices for a service or good, which reflects all costs except shipping and government charges.
Aaron Frazier and Brennan Duckett of the National Restaurant Association discussed the potential outcome of this rule, and the impact this may have on restaurants across the country.
A replay of the webinar can be found here.
Have your voice heard on the FTC's new "junk fee" proposed rule!
Let leadership in Washington DC know the impact this will have on your business here.
Operators can claim their share of payment card settlement
What happened: A class-action lawsuit against the credit card duopoly recently reached a settlement. The Payment Card Settlement is the biggest antitrust class-action settlement in history. It sets aside at least $5.54B and a maximum of approximately $6.24B for millions of U.S. merchants who, for years, paid artificially inflated Visa and Mastercard interchange fees, which are also called swipe fees.
Why it matters: If a restaurant operator accepted Visa and/or Mastercard at any time between Jan. 1, 2004, and Jan. 25, 2019, they are likely a member of the class settlement and entitled to a share of the settlement.
Go deeper: The settlement ends a 2013 lawsuit in which the National Restaurant Association and the Restaurant Law Center played leading roles. The lawsuit alleged merchants paid excessive fees to accept Visa and Mastercard, while these two companies violated antitrust laws by price-fixing interchange fees.
How to claim your share: You can submit a claim through the official court-authorized Payment Card Interchange Fee Settlement website. The fastest and easiest way to submit a claim is to wait for the claim form to arrive in the mail and use the Claimant ID and Control Number provided to log in.
- Claim forms began mailing on Dec. 1, 2023. Because of the large number of claim forms being sent, you may not receive yours until Jan. 2024.
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If you received a Claim Form in the mail and want to file a claim online using the Claimant ID provided, you can click the “Submit a Claim” button found on the Payment Card Interchange Fee Settlement website.
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If you do not receive a claim form and are uncertain as to whether you are a merchant that is eligible to file a claim in this settlement, also click the “Submit a Claim” button found on the Payment Card Interchange Fee Settlement website and after providing your Taxpayer Identification Number along with some additional information, the Class Administrator will attempt to determine whether you qualify.
Need to know: Operators can file claims on their own, free of charge, by following the instructions above.
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