BREAKING NEWS

Visa, MasterCard, banks in $7.25b. retail settlement

By REUTERS

JULY 14, 2012 09:45

NEW YORK - Visa Inc, MasterCard Inc and banks that issue their credit cards have agreed to a $7.25 billion settlement with US retailers in a lawsuit over the fixing of credit and debit card fees in what could be the largest antitrust settlement in US history.

The settlement, if approved by a judge, would resolve dozens of lawsuits filed by retailers in 2005. The card companies and banks would also allow stores to start charging customers extra for using certain credit cards in an effort to steer them toward cheaper forms of payment.

The settlement papers were filed on Friday in Brooklyn federal court.

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