Visa, MasterCard And Major Banks Agree To $7.2 Billion Settlement, But Business Owners Aren’t Happy
Did you ever hear about the alleged conspiracy to fix the processing — or “swipe” — fees that Visa and Mastercard were a part of?
Well there has been a resolution.
Check out this article called “Local merchants not crazy about swipe fee deal” by Parija Kavilanz to learn about the multi-billion dollar settlement that Visa and Mastercard made and why business owners are so thrilled about it…
“That Visa, MasterCard and major banks agreed to a $7.2 billion settlement in a credit card processing fee dispute does not have your friendly neighborhood merchant jumping for joy.”
“In the settlement, which requires a judge’s approval, about 7 million merchants will get paid for damages stemming from the alleged conspiracy to fix the processing — or “swipe” — fees. They’ll also get a reduction in the fees, but only for eight months.”
“While small merchants are relieved to be getting something from Visa (V, Fortune 500) and MasterCard (MA, Fortune 500), the settlement is not seen as anything resembling a windfall.”
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