Visa and Mastercard reach revised settlement over swipe fees
Photo: Reuters
Visa and Mastercard have reached a revised settlement with merchants who claimed the card networks charged excessive fees for processing credit card payments, according to a court filing on Monday.
The settlement proposal was disclosed in a letter filed in Brooklyn federal court by lawyers representing some of the plaintiffs. The revised agreement follows ongoing negotiations aimed at resolving long-running disputes over swipe fees, News.Az reports, citing Reuters.
The case highlights concerns from merchants who argue that high processing costs have a significant impact on small and large businesses alike.
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