Visa, MasterCard To Pay $7.25B To Settle Card-Fee MDL

Law360, New York (July 13, 2012, 8:31 PM ET) -- Credit card companies Visa Inc. and MasterCard Inc. and a slew of banks agreed Friday to a $7.25 billion settlement ending class allegations in a sprawling multidistrict litigation in New York that they artificially inflated the prices of interchange fees paid by merchants.

If the settlement — believed to be the largest of a private antitrust case — is approved by a judge, the class of about 7 million merchants who accept Visa and MasterCard credit and debit cards will receive a payment of $6.05 billion...
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