Visa, Mastercard Settle $38B Antitrust Lawsuit

Visa and Mastercard agree to pay $38 billion to settle antitrust litigation over inflated credit card processing fees. The deal reduces swipe fees by 0.1% for five years and caps consumer credit card transaction rates at 1.25% for eight years, a 25% reduction. Merchants gain the right to choose cards and add surcharges. However, trade groups oppose the settlement, arguing it doesnt address rising card costs. The deal awaits approval from U.S. District Judge Margo Brodie. DNN | The Daily News Now! The world’s first global local news network. Every city. Every story. AI powered. Hosted on Acast. See acast.com/privacy for more information.