Visa, Mastercard can likely handle settlement much bigger than $30 billion, judge says [Yahoo! Finance]
Mastercard Incorporated (MA)
Last mastercard incorporated earnings: 4/29 08:00 am
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Source: Yahoo! Finance
with merchants who said they overpaid on swipe fees than the $30 billion accord she rejected this week. U.S. District Judge Margo Brodie in Brooklyn made her assessment in an 88-page opinion released on Friday, three days after announcing her rejection of the preliminary settlement. The accord covering more than 12 million merchants would have lowered and capped swipe fees, also known as interchange fees, they pay to handle Visa and Mastercard transactions. But the judge called the estimated $6 billion of annual savings for merchants "paltry" compared with the estimated $100 billion in fees they paid to accept Visa and Mastercard in 2023. "Without evidence of Visa's and Mastercard's profitability, the court cannot say with certainty that defendants can withstand a greater judgment; however, the evidence strongly suggests that they could withstand a substantially greater judgment," Brodie wrote. The antitrust litigation began in 2005, and could go to trial absent a new settle
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MA
Earnings
- 5/1/24 - Beat
MA
Sec Filings
- 6/28/24 - Form 8-K/A
- 6/27/24 - Form 4
- 6/26/24 - Form 4
- MA's page on the SEC website