UNITED STATES NEWS

Visa, Mastercard settle long-running antitrust suit over swipe fees with merchants

Mar 26, 2024, 6:14 AM

NEW YORK (AP) — Visa and MasterCard announced a settlement with U.S. merchants related to swipe fees, a development that could potentially save consumers tens of billions of dollars.

Swipe fees are paid to Visa, Mastercard and other credit card companies in exchange for enabling transactions. Merchants ultimately pass on those fees to consumers who use credit or debit cards.

According to the settlement announced Tuesday, Visa and Mastercard will cap the credit interchange fees into 2030, and the companies must negotiate the fees with merchant buying groups.

The settlement stems from a 2005 lawsuit which alleged that merchants paid excessive fees to accept Visa and Mastercard credit cards, and that Visa and Mastercard and their member banks acted in violation of antitrust laws.

In 2018 Visa and Mastercard agreed to pay $6.2 billion as part of the long-running suit filed by a group of 19 merchants. But the lawsuit then had two pieces that need to be resolved: a dispute over the rules Visa and Mastercard impose to accept their cards, and the merchants who chose not to participate in the settlement.

Visa said Tuesday that more than 90% of the merchants in Tuesday’s settlement are small businesses.

Mastercard did not acknowledge any improper conduct, which was part of the settlement, and the changes will take effects after approval of the settlement, most likely in late 2024 or early 2025.

The settlement is subject to final approval by the Eastern District Court of New York.

United States News

Associated Press

Exonerated after serving 8 years for 2013 murder, a 26-year-old is indicted again in a NYC shooting

NEW YORK (AP) — A man who was exonerated after spending eight years in prison for a murder has been charged again — in a different fatal shooting. Shamel Capers, 26, was indicted Tuesday on charges including attempted murder in connection with a July 23, 2023, shootout between two groups of young men in Queens […]

1 hour ago

...

KTAR Video

Video: Why Joe Biden is trailing in Arizona voter polls

Donald Trump is garnering more support in Arizona than Joe Biden ahead of the 2024 presidential election, according to a poll released Wednesday. Mike Noble, CEO of Noble Predictive Insights (NPI), joined Mike Broomhead to discuss their poll that shows Trump at 44% and Biden at 41%, with 15% of likely voters undecided. Video: Jeremy […]

2 hours ago

Associated Press

Tennessee to become first state to offer free diapers for Medicaid families

NASHVILLE, Tenn. (AP) — Tennessee will soon become the first state in the country to offer free diapers to families enrolled in the state’s Medicaid program after receiving federal approval, state officials have confirmed. According to TennCare, Tennessee’s Medicaid program, families will be able to receive up to 100 diapers per month for children under […]

3 hours ago

...

KTAR Video

Video: Should Joe Biden and Donald Trump be worried about a third-party candidate in Arizona?

A new election poll in Arizona shows Donald Trump leading in Arizona, but should Joe Biden and the former president be worried about a third party candidate? Jim Sharpe explains more in Wednesday’s Sharper Point commentary. Video: Jeremy Schnell and Felisa Cárdenas/KTAR News Photos: Spencer Platt, Brandon Bell/Getty Images

3 hours ago

Associated Press

Authorities still conducting search, rescue after tornado slams Iowa; at least 1 dead

GREENFIELD, Iowa (AP) — Authorities in Iowa were continuing search and rescue efforts Wednesday, a day after a deadly tornado slammed the state, devastating the town of Greenfield and killing an undisclosed number of people there. About 25 miles (40 kilometers) southwest of Greenfield, a woman died Tuesday when the vehicle she was driving was […]

14 hours ago

Associated Press

Prosecutor in Trump classified papers case calls claims of hostility toward co-defendant ‘garbage’

FORT PIERCE, Fla. (AP) — A lawyer for Donald Trump’s personal valet accused federal prosecutors Wednesday of targeting the valet because he refused to cooperate against the former president in the classified documents case. A prosecutor called the claim “garbage.” Walt Nauta was charged alongside Trump last year in a federal case accusing them of […]

15 hours ago

Sponsored Articles

...

DESERT INSTITUTE FOR SPINE CARE

Desert Institute for Spine Care is the place for weekend warriors to fix their back pain

Spring has sprung and nothing is better than March in Arizona. The temperatures are perfect and with the beautiful weather, Arizona has become a hotbed for hikers, runners, golfers, pickleball players and all types of weekend warriors.

...

Midwestern University

Midwestern University Clinics: transforming health care in the valley

Midwestern University, long a fixture of comprehensive health care education in the West Valley, is also a recognized leader in community health care.

...

DISC Desert Institute for Spine Care

Sciatica pain is treatable but surgery may be required

Sciatica pain is one of the most common ailments a person can face, and if not taken seriously, it could become one of the most harmful.

Visa, Mastercard settle long-running antitrust suit over swipe fees with merchants