Mastercard and Visa agree to lower swipe fees in antitrust suit settlement

NEW YORK — Visa and Mastercard announced a major settlement with U.S. merchants on Tuesday, potentially endingover the fees charged every time a credit or debit card is used in a store or restaurant.

“While this settlement is a step in the right direction and will provide a limited amount of short-term relief to small businesses, it does not solve the long-term anti-competitive rate-setting practices that are the root of this problem,” said Jeff Brabant, vice president of federal government relations at the National Federation of Independent Business, a small-business advocacy group.

The law firm that announced the settlement put the value of the savings in swipe fees at close to $30 billion. Mary Liz Curtin and her husband own two businesses, Leon & Lulu, a retail store in a converted vintage roller skating rink, and Three Cats Restaurant, a restaurant in a converted vintage movie theater, in Clawson, Michigan.

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