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MasterCard and Visa to Pay $6 Billion Settlement
MasterCard, Visa and several major banks agreed to pay $6 billion to settle a lawsuit involving 7 million merchants that accept both MasterCard and Visa. The deal consists of a little more than $6 billion in cash for damages.
Visa will pay $4.4 billion and MasterCard will pay $790 million. The credit card companies agreed to decrease their swipe fees for eight months. The fee is paid by businesses for card transactions they process. The temporary fee discount is estimated to cost around $1.2 billion.
Lawyers...