Visa, Master­card reach set­tle­ment

India Business Journal - - GLOBAL WRAP-UP -

Visa, Master­card and a num­ber of US banks have agreed to pay $6.2 bil­lion to set­tle a long-run­ning law­suit brought by mer­chants over the fees they pay when they ac­cept card pay­ments. Visa and Master­card had pre­vi­ously reached a $7.25-bil­lion set­tle­ment with the mer­chants in the case, but that deal was thrown out by a fed­eral ap­peals court in 2016. The law­suit, dat­ing back more than a decade, ac­cuses credit card com­pa­nies of vi­o­lat­ing fed­eral an­titrust laws by forc­ing mer­chants to pay swipe fees and pro­hibit­ing them from di­rect­ing con­sumers to­ward other meth­ods of pay­ment.

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