Judge Swipes Away $30 Billion Visa, Mastercard Antitrust Settlement [Forbes]
Mastercard Incorporated (MA)
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Source: Forbes
No Agreement on Swipe Fees for Now Bottom Line A judge has swiped away the $30 billion antitrust settlement Visa and Mastercard reached with merchants in March. According to reports, U.S. district judge Margo Brodie dismissed the $30 billion settlement on Tuesday, which included a cap on the fees the two largest credit card companies charge merchants for accepting their cards. No Agreement on Swipe Fees for Now The antitrust settlement began when merchants first filed a lawsuit claiming that Visa and Mastercard conspired to fix card processing fees at an artificially inflated rate. An agreement between the credit card issuers and merchants had been reached in March 2024 to temporarily lower card swipe fees. The deal also would have prevented swipe fee increases until 2030. Now, the status of this deal is in limbo, as Visa and Mastercard, which control about 80% of the market, must decide whether to attempt to negotiate a better deal with merchants or take their chances
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MA
Earnings
- 5/1/24 - Beat
MA
Sec Filings
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- 6/27/24 - Form 4
- 6/26/24 - Form 4
- MA's page on the SEC website