🚨 Breaking News: $5.54 Billion Credit Card Settlement! 🚨 Visa and Mastercard have reached a historic $5.54 billion settlement with merchants over inflated interchange fees, marking the largest antitrust class-action settlement in U.S. history. What does this mean for merchants and consumers? Check out our latest blog post to learn more! ##CreditCardSettlement #Visa #Mastercard
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https://lnkd.in/g9pKT_ju A federal judge indicated a likely rejection of a proposed settlement in a lawsuit against Visa, Mastercard, and large U.S. credit-card issuers over merchant fees. The judge deemed the settlement’s proposed changes inadequate and is considering moving the case to trial. Visa and Mastercard were disappointed but maintained that the proposed settlement was a good solution. The settlement aimed to reduce credit-card interchange fees and allow merchants to charge extra for specific credit cards, but critics said it did not address core issues.If the settlement is rejected, Visa and Mastercard may need to negotiate a more favorable deal for merchants or face trial. #Visa #MasterCard #Swipefees #fintecher #interchange
Proposed Visa and Mastercard Swipe-Fees Settlement Is Likely to Be Thrown Out
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Judge Rejects $30B Visa, Mastercard Swipe Fee Settlement 🚫💳 The $30B settlement to reduce swipe fees has been rejected. Visa and Mastercard must return to the negotiation table, potentially reshaping the future of credit card transactions for merchants and consumers. #Visa #Mastercard #SwipeFees #Settlement #RetailNews #BusinessLaw #CreditCardIndustry #ConsumerRights #FinancialNews
Judge Rejects $30B Visa, Mastercard Swipe Fee Settlement - RetailWire
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Recent updates point to a potential end in sight for the Visa Mastercard Swipe Fee Lawsuit saga. We've got details on the potential settlement and what it means for your business. Click the link to read more. #swipefees #merchantservices #paymentprocessing #visa #mastercard
The Latest Updates on the Visa-Mastercard Swipe Fee Lawsuit
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Visa, Mastercard agree to cap credit card processing fees. Visa and Mastercard have agreed to cut and cap credit card processing fees as a part of a major settlement with merchants after decades of litigation. Why it matters: U.S. businesses are expected to save at least $29.8 billion in the five-year deal, according to attorneys who represented the plaintiffs in the class-action settlement. Merchants will have more flexibility to adjust how much they charge consumers for goods sold via credit card. What they're saying: "... https://lnkd.in/ddPF3RV7
Visa, Mastercard agree to cap credit card processing fees
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A $30 billion settlement between Visa Inc., Mastercard Inc., and retailers to cap credit-card swipe fees is likely to be rejected by US District Judge Margo Brodie in Brooklyn. During a recent hearing, Judge Brodie expressed significant concerns about the adequacy of the settlement, indicating she is inclined not to approve it. Retailers have long sought to reduce interchange fees, which are largely passed on to banks like JPMorgan Chase & Co. and Citigroup Inc. The proposed deal, announced in March, would have allowed merchants to charge extra for Visa or Mastercard transactions and use pricing tactics to steer consumers to lower-cost cards. However, the judge's comments suggest that provisions such as changes to digital wallet acceptance rules and state bans on surcharges present real adequacy issues. Both Visa and Mastercard have expressed disappointment, emphasizing the settlement's potential to offer business owners more flexibility. If the settlement is ultimately rejected, it may prolong the litigation, forcing parties to renegotiate terms.
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ANALYSIS OF VISA AND MASTERCARD SETTLEMENT Visa, Mastercard, and major credit card-issuing banks have agreed to settle a long-standing class-action lawsuit with merchants dating back to 2005 over credit card acceptance fees. However, the settlement is pending approval from the U.S. District Court for the Eastern District of New York, amid concerns from merchant trade groups and lawmakers that it offers only short-term relief and fails to address the alleged anticompetitive setting of fees. The lawsuit focuses on interchange fees, which are paid by merchants to accept credit cards, set by Visa and Mastercard and paid to banks. The proposed settlement aims to reduce fees by a small percentage for a limited time and grants merchants more flexibility in choosing payment networks and negotiating fees. Yet, some merchants advocate for direct negotiations with banks in a competitive market. Critics argue that the settlement falls short, prompting legislative efforts to empower merchants and increase competition in the credit card industry, including proposed bills in both the Senate and the House. https://lnkd.in/gihp7AaC #fintecher #Visa #MasterCard #ProcessingFees
Analysis: The Visa and Mastercard Settlement Doesn’t Put Fee Disputes to Rest
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In an effort to reduce credit and debit card fees for retailers, Visa and Mastercard struck a settlement of approximately $30 billion. Some of the savings were probably passed on to customers in the form of lower costs. The lawsuit that started in 2005 would be resolved by one of the biggest antitrust settlements in US history, if approved by the court. Will such an approval benefit you and your business? Share your thoughts below 🔽 #Settlement #CreditSavings
Visa and Mastercard reached an estimated $30 billion settlement to limit credit and debit card fees for merchants, with some savings likely to be passed on to consumers through lower prices. The antitrust settlement is one of the largest in US history, and upon court approval would resolve claims in litigation that began in 2005. https://yhoo.it/3TSI7W0
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🚨🚨🚨 Visa, Mastercard agree to lower credit-card fees in merchant settlement after nearly 20 years of litigation. Visa and Mastercard will lower published credit-card interchange fees by four basis points in the U.S. for at least three years and Guaranteeing No Increases for at Least Five Years. The settlement also provides updates to several key network rules giving merchants more choice in how they accept digital payments. The settlement gives merchants greater flexibility at the point-of-sale, including the opportunity to steer to preferred payment methods and more optionality around surcharging. It also provides funding for new programs to educate small businesses. The agreement could lead to almost $30 billion in savings on swipe fees alone in the five years after it’s approved by the courts. See here Visa & Mastercard press releases Visa https://lnkd.in/eYkvAM5v Mastercard https://lnkd.in/eEJ3__ZS
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After a contentious and decadeslong battle, Visa and Mastercard will lower US credit card interchange rates for at least five years as part of a legal settlement with merchants. This deal will have a multibillion-dollar effect on credit card issuers. More than 80% of interchange fees goes to the issuers who use the revenue to support things like security, innovation, rewards, and marketing. It’s therefore going to be quite hard for them to make up for these lost revenues. While Visa and Mastercard have said they won’t cut into rewards programs as a result of this deal, issuers may end up cutting into their rewards if their response to the Credit Card Competition Act indicates how they’ll handle this deal. Read my full analysis of the deal here: https://lnkd.in/grrcRHAv
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