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

Law360, New York (July 13, 2012, 8:31 PM EDT) -- 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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.