Court Grants Preliminary Approval of $38 Billion Visa, Mastercard ‘Swipe Fee’ Settlement
The Epoch Times
A federal court preliminarily approved a $38 billion settlement over Visa and Mastercard merchant swiping fees.Summary
The U.S. District Court for the Eastern District of New York granted preliminary approval to a $38 billion settlement between Visa, Mastercard and nearly 12 million merchants over "swiping fees" charged when merchants process credit card payments. The litigation dates to 2005 and centers on merchants' allegations that credit card acceptance fees were too high and that they could not reject certain cards with higher fees.
(Source：The Epoch Times)