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NEW YORK - A landmark antitrust class action settlement has been reached between U.S. merchants and Visa and Mastercard to resolve claims for a lawsuit entitled "In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation." The settlement, among the largest in U.S. anti...
Merchants are expected to save $30 billion during the next five years as a result of the settlement. They are also expected to have more freedom to impose surcharges on cards that require a more expensive swipe fee. Visa estimates that 90% of the merchants in the class action are small...
Reports that Visa USA and MasterCard International signed a memorandum of understanding that brings an end to the antitrust lawsuit brought by retailers in the U.S. Impact of the settlement on all businesses in the state; Allegations that retailers were forced to accept Visa Check and Master...
Other terms of the settlement put a limit on credit card surcharges, which are additional fees customers sometimes have to pay to use a credit card at checkout. Currently, Mastercard limits surcharge amounts to no more than 4%, while Visa limits surcharges to 3%. The new surcharge ...
Visa and Mastercard have reached a settlement of approximately $30 billion to limit credit and debit card fees charged to merchants, some of which may be passed on to consumers. This antitrust settlement is one of the largest settlements in US history. Once approved by the courts, it will ...
If approved, this settlement will resolve that litigation. It affects merchants who accept Visa and Mastercard debit or credit cards in the United States at any time between December 18, 2020 and the date of entry of final judgment by the court. ...
A federal judge said Friday thatcard issuers Visa and Mastercardcould likely withstand a "substantially greater" settlement with merchants who argued they overpaid swipe fees than the proposed $30 billion settlement she rejected last week. U.S. District Judge Margo Brodie of the Eastern District o...
Visa and Mastercard have agreed to cut their US transaction fees in a landmark settlement that merchants say will save them $30bn over five years. The deal, announced on Tuesday, will require the payments companies to lower the so-called swipe fees they charge sellers over the next five yea...
Visa, Mastercard Had Agreed to Settlement in March In the dealreached in March, the card companies agreed to lower fees they charge businesses to make credit card transactions. They also said they would not raise them until 2030. However, critics opposed the plan, among them the Merchants...