American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Business

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

by admin March 29, 2024
March 29, 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
Republicans blast departing GOP lawmakers as razor-thin majority fuels fears of Dem takeover
next post
Sam Bankman-Fried to learn fate today for orchestrating historic FTX crypto fraud scheme

Related Posts

Long ALGM: Rounding Bottom Formation and Strong Fundamentals...

January 6, 2025

Bitrue rolls out 24/7 tokenized US stock trading...

July 4, 2025

Court blocks Trump tariffs: markets get a lift,...

May 29, 2025

IBEX 35 just soared to a record high:...

September 27, 2024

Diageo share price jumps after company reports solid...

August 5, 2025

Long PPC: Pilgrim’s Pride Rebounds from Composite VPOC...

September 25, 2024

Charter Communications stock may crash after earnings

January 31, 2025

Is the Iran-Israel ceasefire real or Trump’s dream?...

June 24, 2025

Short ALLE: bearish breakout below 50 ema signals...

November 20, 2024

CarShield ordered to pay $10 million federal settlement...

August 2, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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

    Latest News

    • FBI raid on John Bolton’s home in Washington linked to classified documents

      August 25, 2025
    • Argentine senate deals blow to Milei’s austerity agenda with university budget boost

      August 25, 2025
    • Jackson Hole Symposium: what Powell said about economic effects of Trump’s tariffs

      August 25, 2025
    • At Jackson Hole, Fed Chair Powell signals possible cuts while warning of uncertainty

      August 25, 2025
    • Trump threatens to fire Fed Governor Lisa Cook amid mortgage fraud allegations

      August 25, 2025

    Categories

    • Business (3,763)
    • Investing (2,783)
    • Latest News (2,048)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.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 americaninvesthub.com | All Rights Reserved