The credit card companies will have to either renegotiate the deal with merchants or go to trial.
A federal judge on Tuesday rejected a $30 billion settlement that would have capped the fees Visa and Mastercard charge to merchants for credit and debit card purchases.
Visa and Mastercard expressed disappointment with the judge’s decision. The settlement presented a “fair resolution” to the 19-year dispute, Mastercard spokesperson Will O’Connor said. Visa similarly called the settlement an “appropriate resolution” that resulted from “lengthy and thoughtful discussions” with merchants, company spokesperson Fletcher Cook said.
Businesses, for their part, would have been able to impose surcharges based on the Visa or Mastercard card customers used and direct them to cheaper payment methods.The settlement arose from a 2005 antitrust class-action lawsuit against Visa, Mastercard and multiple U.S. banks that alleged that merchants paid excessive fees to accept credit and debit payments from the card companies.
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