• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Visa and MasterCard settle long-running antitrust suit over swipe fees with merchants
Editor's Pick

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

by March 28, 2024
by March 28, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

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
You Might Also Like
  • GM to end production of electric Chevy Bolt, its first mass-market EV, this year
  • Peacock raising prices by $2 ahead of the Summer Olympics as streaming wars rage on
  • Trump transfers all his DJT shares to his revocable trust, SEC filings show
  • Google’s antitrust ruling has experts looking to 25-year-old Microsoft case for answers
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Biden’s surprise campaign boost has changed 2024 race
next post
Largest U.S. sportsbooks join forces to tackle problem gambling

You may also like

Google says U.S. is facing a power capacity crisis in...

February 12, 2025

How Volvo landed a cheap Chinese EV on U.S. shores...

April 26, 2024

Nearly 5M blenders sold at Costco, Target and Walmart recalled...

January 2, 2024

Delta sues CrowdStrike after widespread IT outage that caused thousands...

October 28, 2024

Boeing and Alaska Airlines point fingers at each other in...

March 15, 2024

TGI Fridays operator files for Chapter 11 bankruptcy amid financial...

November 4, 2024

SEC dropping crypto lawsuit, Coinbase says

February 22, 2025

Red Lobster seeks a buyer as it looks to avoid...

April 26, 2024

Quectel Announces CC200A-LB Satellite Module for IoT Industries

March 15, 2023

Lululemon founder slams company’s ‘whole diversity and inclusion thing’

January 6, 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.

    Recent Posts

    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025
    • How I Triple My Returns With 3x Leveraged ETFs!

      July 10, 2025
    • Want Faster, Lower Risk Trades? Use This Setup

      July 9, 2025
    • The Seasonality Trend Driving XLK and XLI to New Highs

      July 9, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,630 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,576 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,449 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,169)
    • Investing (538)
    • Stock (2,661)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025
    • How I Triple My Returns With 3x Leveraged ETFs!

      July 10, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,169)
    • Investing (538)
    • Stock (2,661)

    Disclaimer: RoundTableThoughts.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 © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Palm Beach housekeepers are making $150,000...

    May 24, 2024

    Universal’s new Epic Universe park set...

    April 16, 2025

    FCC is investigating Disney and ABC...

    March 29, 2025
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here