Visa Inc. (NYSE:V) and Mastercard Incorporated (NYSE:MA) have reached a landmark antitrust class action settlement with U.S. merchants.
Subject to approval by the U.S. District Court for the Eastern District of New York, the settlement is one of the largest in U.S. antitrust history, according to a statement.
The settlement aims to resolve claims for injunctive relief in “In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation.”
“The Settlement Agreement opens competitive doors that have been closed for decades, while providing rate relief to every merchant that accepts Visa or Mastercard credit cards,” said Nobel laureate economist Dr. Joseph Stiglitz, who submitted a declaration on the settlement and its effects.
The class includes all merchants who accepted Visa or Mastercard debit or credit cards in the U.S. at any time during the period between ...