NEW YORK, – Visa and Mastercard announced a revised $38 billion settlement with merchants who accused the card networks of charging too much to accept their credit cards, hoping to satisfy a judge who rejected a smaller accord as inadequate.
Monday’s settlement would end 20 years of litigation in which businesses accused Visa, Mastercard and banks of conspiring to violate U.S. antitrust laws, including through the card networks’ collection of “swipe fees.”
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But the accord drew opposition from merchant groups that said it doesn’t address concerns that U.S. District Judge Margo Brodie in Brooklyn, New York, whose approval is required, raised in rejecting a $30 billion settlement in June 2024.
These groups including the National Retail Federation, the largest U.S. retail trade group, and the Merchants Payments Coalition say businesses would still pay too much, including to accept the popular rewards cards that dominate the card market.
