NCPA Statement Regarding Proposed Litigation Settlement with Retailers over Credit Card Fees



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Alexandria, Va. - July 13, 2012 National Community Pharmacists Association (NCPA)CEO B. Douglas Hoey, RPh, MBA, issued the following statement today regarding a proposed settlement of the antitrust lawsuit brought by a group of merchants and trade groups, including NCPA, alleging that Visa, MasterCard, Bank of America, Citibank, Bank One, J.P. Morgan Chase, Wells Fargo, Capital One, SunTrust and other banks engaged in collusive practices by setting credit card interchange fees at exorbitant levels and limiting competition:

"NCPA joined this lawsuit to achieve long-term reform of the credit card interchange fee system. The current system is inherently unfair to community pharmacy small business owners and saddles all consumers with higher costs. NCPA’s board and legal counsel are actively evaluating this complex and multifaceted proposed settlement to determine whether it is in the best interest of the independent community pharmacy owners we represent. No decision will be made with respect to the acceptability of this proposed settlement until a closer analysis of the final language has been completed.”

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The National Community Pharmacists Association (NCPA®) represents the interests of America's community pharmacists, including the owners of more than 23,000 independent community pharmacies. Together they represent a $93 billion health care marketplace, dispense nearly 40% of all retail prescriptions, and employ more than 315,000 people, including 62,400 pharmacists. Independent community pharmacists are readily accessible medication experts who can help lower health care spending. They are committed to maximizing the appropriate use of lower-cost generic drugs and reducing the estimated $290 billion that is wasted annually by improper medication use. To learn more go to www.ncpanet.org or read NCPA's blog, The Dose, at http://ncpanet.wordpress.com.

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