Visa and Mastercard, as well as the banks who issue their cards, have reached a settlement to resolve a long-standing US antitrust case brought by merchants. The settlement aims to reduce swipe fees paid by merchants in the US for Visa and Mastercard transactions by $30bn over five years.
The antitrust settlement, announced on Tuesday, stands as one of the largest in US history and, pending court approval, could resolve the majority of claims in a nationwide litigation dating back to 2005.
