Visa and MasterCard settle antitrust class action regarding processing fees

August 2, 2012 by

Visa and MasterCard agreed to pay scores of retailers more than $6 billion to settle a long-running lawsuit in an agreement that also permits merchants to charge higher prices to customers who pay for purchases with credit cards.

The settlement is expected to have wide-ranging implications for consumers, retailers and the card industry.  It is also the latest victory for merchants, who have recently logged some significant wins in their efforts to reduce their cost of accepting plastic.

The agreement, which was reached after months of negotiations, also calls for Visa and MasterCard to lower the fees — for a certain period — that merchants pay to accept credit cards.  The merchants valued the fee relief at $1.2 billion.

Steve Larson
An experienced trial lawyer who handles both hourly and contingent fee cases, Steve has expertise in class actions, consumer cases, antitrust litigation, securities litigation, corporate disputes, intellectual property disputes, unfair competition claims, employment matters, and disputes involving family wealth. Steve regularly represents individuals and businesses in federal and state court and has obtained class-wide recovery in multiple class actions. A veteran practitioner, Steve's clients value his creative approach to resolving complex litigation matters.

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