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Judge rejects $30 billion Visa, Mastercard swipe-fee settlement

The credit card companies will have to either renegotiate the deal with merchants or go to trial

A federal judge on Tuesday rejected a $30 billion settlement that would have capped the fees Visa and Mastercard charge to merchants for credit and debit card purchases.

The decision jeopardizes an agreement reached in March that was meant to end two decades of litigation related to swipe fees, which card companies charge retailers on each purchase a customer makes.

U.S. District Judge Margo Brodie of the U.S. District Court of the Eastern District of New York said in a memo that she was "not likely" to grant approval to the final settlement and rejected a request for preliminary settlement approval. Brodie ordered the plaintiffs to confer and respond to the ruling by Friday.

https://www.washingtonpost.com/business/2024/06/25/credit-card-swipe-fee-settlement/

 

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