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Judge rejects Visa, Mastercard $30B settlement over controversial swipe fees

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Antitrust Law,Lawsuits,Mastercard

The settlement announced in March was intended to resolve most litigation that began in 2005 over so-called swipe fees, also known as interchange fees, that merchants pay to accept Visa and Masterc…

US District Judge Margo Brodie in Brooklyn concluded that she was not likely to grant final approval to the settlement, and therefore denied the plaintiffs’ request for preliminary approval.A judge rejected a $30 billion settlement reached in March in which Visa and Mastercard agreed to limit fees they charge merchants.

Visa and Mastercard also agreed to cap rates for five years and remove anti-steering provisions, while merchants got more discretion to offer discounts or impose surcharges.They said the relief for merchants was small and temporary, and made it difficult for them to mount future legal challenges, while still letting Visa and Mastercard dictate swipe fees.

The case is In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, U.S. District Court, Eastern District of New York, No 05-md-01720.Alex Jones' Infowars to be shut down, assets liquidated: bankruptcy trustee

 

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