Visa And MasterCard Pay $7.25 Billion Settlement To Retailers Over Card Fees

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via BBC News

Credit card companies Visa and MasterCard and major US banks have agreed to a $7.25bn settlement to retailers over card fees.

The case, which has been going on for seven years, is over firms colluding to fix the fees that stores pay to process credit and debt card payments.

The settlement is thought to be the largest of its kind in US history.

It involves a $6bn payment to stores and an agreement to reduce swipe fees for eight months, valued at $1.2bn.

An additional $525 million has been set aside to pay to the stores which sued individually, including grocery chains Kroger and Safeway and the Rite Aid pharmacy chain.

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Article courtesy bbc.co.uk

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