NEW YORK, June 25 (Reuters) – A U.S. judge on Tuesday rejected a $30 billion antitrust settlement in which Visa (V.N), opens new tab and Mastercard (MA.N), opens new tab agreed to limit fees they charge merchants that accept their credit and debit cards.
U.S. District Judge Margo Brodie in Brooklyn said she was not likely to grant final approval to the settlement, and therefore denied the request by a group of merchants, primarily small businesses, for preliminary approval.
Many merchants and trade groups including the National Retail Federation opposed the accord, saying card fees would remain too high, while Visa and Mastercard would retain too much control over card transactions.
The decision could force Visa and Mastercard to negotiate a settlement more favorable to merchants, or go to trial.
Brodie will issue a written opinion explaining her reasoning after giving merchants and the card networks until June 28 to propose redactions.
Visa and Mastercard said they were disappointed with the outcome. Lawyers for merchants that wanted to settle did not immediately respond to requests for comment.
www.reuters.com/legal/us-judge-rejects-visa-mastercard-30-bln-swipe-fee-settlement-2024-06-25/