Reported 8 months ago
A U.S. judge rejected a $30 billion antitrust settlement between Visa and Mastercard that aimed to limit fees charged to merchants. U.S. District Judge Margo Brodie in Brooklyn denied preliminary approval, stating that the settlement was unlikely to receive final approval. The decision may force Visa and Mastercard to renegotiate with merchants or head to trial. The settlement was intended to resolve litigation that started in 2005 over swipe fees, with many merchants opposing it, claiming fees would remain high and the card networks would retain too much control over transactions.
Source: YAHOO