The settlement reached between U.S. merchants and Visa and Mastercard could potentially save consumers tens of billions of dollars.
A landmark antitrust class action settlement has been reached between U.S. merchants and Visa and Mastercard to resolve claims for a lawsuit entitled "In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation." The settlement, among the largest in U.S. antitrust history, relates to swipe fees and could deliver shoppers and U.S. merchants billions of near- and long-term savings.
"By negotiating directly with merchants, we have reached a settlement with meaningful concessions that address true pain points small businesses have identified," Kim Lawrence, the president of North America, Visa, said in a statement. "Importantly, we are making these concessions while also maintaining the safety, security, innovation, protections, rewards and access to credit that are so important to millions of Americans and to our economy.
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