Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Business

Visa and MasterCard settle long-running antitrust suit over swipe fees with merchants

by March 28, 2024
March 28, 2024
Visa and MasterCard settle long-running antitrust suit over swipe fees with merchants

Visa and MasterCard announced a settlement with U.S. merchants related to swipe fees, a development that could save consumers tens of billions of dollars.

Swipe fees are paid to Visa, Mastercard and other credit card companies in exchange for enabling transactions. Merchants ultimately pass on those fees to consumers who use credit or debit cards.

According to the settlement announced Tuesday, Visa and Mastercard will cap the credit interchange fees into 2030, and the companies must negotiate the fees with merchant buying groups.

The settlement stems from a 2005 lawsuit which alleged that merchants paid excessive fees to accept Visa and Mastercard credit cards, and that Visa and Mastercard and their member banks acted in violation of antitrust laws.

In 2018 Visa and Mastercard agreed to pay $6.2 billion as part of the long-running suit filed by a group of 19 merchants. But the lawsuit then had two pieces that need to be resolved: a dispute over the rules Visa and Mastercard impose to accept their cards, and the merchants who chose not to participate in the settlement.

Visa said Tuesday that more than 90% of the merchants in Tuesday’s settlement are small businesses.

Mastercard did not acknowledge any improper conduct, which was part of the settlement, and the changes will take effects after approval of the settlement, most likely in late 2024 or early 2025.

The settlement is subject to final approval by the Eastern District Court of New York.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Return of the Meme Stock Frenzy: Is Now the Time to Shift Your Investment Focus?
next post
Largest U.S. sportsbooks join forces to tackle problem gambling

Related Posts

Burning rubber: How auto insurance prices have fueled...

April 11, 2024

Tesla has downsized by at least 14% this...

June 24, 2024

Airports, racing to hire workers, compete to look...

July 31, 2023

Weekly mortgage demand drops to three-month low as...

May 30, 2024

Kellogg CEO faces backlash for suggesting people eat...

February 29, 2024

Sam Bankman-Fried sentenced to 25 years in prison...

March 29, 2024

Joann to shutter all 800 fabric stores after...

February 26, 2025

Thousands of autoworkers at Toyota and Honda move...

November 30, 2023

These retailers will take over Bed Bath &...

June 30, 2023

Russian oligarch’s yacht is costing U.S. taxpayers close...

March 7, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Breakout Watch: One Stock in Each Sector to Watch Now

    • Small Caps Are Rotating In — Here’s Why It Matters

    • Want Faster, Lower Risk Trades? Use This Setup

    • The Seasonality Trend Driving XLK and XLI to New Highs

    • Copper Soars to All-time High as Trump Unveils 50 Percent Tariff on Imports

    • Apollo Silver; Right Assets, Right Management and Right Time

    Categories

    • Business (1,283)
    • Investing (2,658)
    • Politics (3,699)
    • Stocks (1,709)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved