Visa, Mastercard $30 billion swipe fee settlement rejected by US judge
U.S. District Judge Margo Brodie in Brooklyn said she was not likely to grant final approval to the settlement, and therefore denied the request by a group of merchants, primarily small businesses, for preliminary approval.
Brodie will issue a written opinion explaining her reasoning after giving merchants and the card networks until June 28 to propose redactions. Those fees, typically 1.5% to 3.5% of each transaction, totaled about $72 billion in 2023 according to the Nilson Report. They generate profits for bank and other card issuers, which funnel many fees into rewards programs that encourage consumers to spend more.
Some critics also said the fees lead to higher prices for consumers, who are now sometimes charged less by paying in cash. Some U.S. senators have promoted legislation, the Credit Card Competition Act, to let merchants use other payment networks to process Visa and Mastercard transactions.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Visa, Mastercard $30 billion swipe-fee deal blocked by judgeA federal judge said earlier this month that nothing she heard had changed her mind that the settlement should be approved.
Read more »
Judge rejects Visa, Mastercard $30B settlement over controversial swipe feesThe settlement announced in March was intended to resolve most litigation that began in 2005 over so-called swipe fees, also known as interchange fees, that merchants pay to accept Visa and Masterc…
Read more »
Binance reinstates crypto buys with Visa, Mastercard paymentsBinance has resumed Visa and Mastercard crypto purchases, signaling potential relief from regulatory issues. Users can now buy cryptocurrency with ease, using bank transfers and SEPA transfers.
Read more »
LAUSD quietly adds $30 million to arts budget amid allegations it violated the lawLAUSD officials deny wrongdoing but quietly make budget changes amid accusations the district violated Prop. 28 rules regarding arts funding at schools.
Read more »
This 3-pack of Olaplex Hair Perfector is over $30 off today at WalmartOlaplex Hair Perfector is on sale for the perfect price at Walmart.
Read more »
28 Cheap Beauty Products That Deliever ResultsBTW, everything on this list is under $30.
Read more »