Federal judge rejects $30 billion settlement between Visa, Mastercard and retailers | CNN Business
Federal judge rejects $30 billion settlement between Visa, Mastercard and retailers | CNN Business
A federal judge overseeing a $30 billion preliminary swipe-fees settlement between Mastercard, Visa and retailers formally rejected the deal Tuesday. The ruling likely means the credit card processors will have to make more concessions to resolve their long-standing dispute with merchants.
the proposed settlement gave merchants the ability to impose surcharges on customers depending on what kind of Visa or Mastercard card they use.
Good that the settlement was rejected then. Passing card fees onto the end-customer doesn't fix the problem.
One thing the EU got right was reducing interchange fees to 0.5%. The ridiculous situation in the US where airlines have become credit card companies that happen to have planes is madness.
Folks might like kickbacks but they’re paying for them anyway, it’s just hidden in the price and subsidised by folks who don’t use these cards.
The US should follow the EU’s lead here.