Visa, MasterCard and several major credit card issuers have settled the Payment Card Interchange Fee Litigation in the largest antitrust settlement in history – $7.25 billion
Plaintiffs reached a settlement with Visa, MasterCard and several major card issuers on Friday, July 13th, totaling $7.25 billion. The $7.25 billion antitrust settlement, the largest in history, includes more than $6 billion in cash settlement payments to compensate merchants as well as a temporary reduction in fees paid. It resolves claims that Visa, MasterCard and more than a dozen of the nation's largest credit card issuers conspired to restrain competition by illegally charging higher interchange fees for credit card transactions. Any merchant that accepted one or more of these credit cards may be eligible to recover funds.
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