Federal judge rejects $30 billion settlement between Visa, Mastercard and retailers

Mastercard and Visa, two of the world’s largest credit card networks, reached their proposed multi-billion antitrust settlement with US merchants in March. The settlement would lower swipe fees, or interchange fees, that a retailer must pay when a customer makes a purchase using their card. The details of Tuesday’s ruling made by Judge Margo Brodie of the US District Court of the Eastern District of New York have not been made public.

The Merchants Payments Coalition — whose members include supermarkets, retail chains, restaurants, drug stores, convenience stores, gas stations and online merchants focused on payments system reform — blasted the preliminary settlement as being insufficient. Christopher Jones, an executive committee member of the Merchants Payments Coalition, said it would have enabled the credit card companies to “keep price-fixing swipe fees and blocking competition.

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Federal judge rejects $30B settlement between Visa, Mastercard and retailersA federal judge overseeing a $30 billion settlement between Mastercard, Visa and retailers rejected the deal Tuesday. The ruling likely means the credit card processors will have to make more concessions to resolve their long-standing dispute with merchants.
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