Brooklyn Judge Rejects $30 Billion Swipe-Fee Settlement Between Visa, Mastercard and Retailers on Tuesday

Jun 25, 2024, 03:13 PM

A federal judge in Brooklyn has formally rejected a $30 billion settlement between Visa, Mastercard, and retailers aimed at capping credit-card swipe fees. The settlement, which was proposed as an antitrust measure to limit fees charged to merchants for accepting credit and debit cards, faced scrutiny earlier this month, telegraphing a potential setback. The judge's decision on Tuesday blocks Visa and Mastercard from moving forward with the proposed agreement, impacting the financial dynamics between the card issuers and merchants.