Visa and Mastercard Near Settlement on 13-Year Old Swipe-Fees Lawsuit

Visa and Mastercard are getting close to settling a 13-year-old lawsuit over fees charged when merchants accept card payments. The two card companies and banks such as Chase, Citi, Bank of America and others, would pay merchants about $6.5 billion under the terms of the settlement, WSJ reports.

visa mastercard settlement

The lawsuit was brought on behalf of 12 million merchants nationwide. A federal appeals court in 2016 rejected a $5.7 billion settlement of the claims, which center on whether companies improperly fixed credit-card swipe fees.

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