Judge Rejects Visa & Mastercard's $30 Billion Swipe Fee Settlement

The settlement aimed to resolve long-standing disputes over fees charged to merchants for processing credit card transactions.

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Merchants have long complained about high fees imposed by Visa and Mastercard for credit card transactions.

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The proposed settlement was intended to compensate merchants for excessive swipe fees, totaling $30 billion.

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The judge rejected the settlement, citing concerns over fairness and adequacy of compensation to affected merchants.

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The rejection poses significant financial and reputational implications for Visa and Mastercard, who sought closure on the issue.

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The case is expected to continue, with further negotiations and potential legal battles ahead for both parties.

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Stakeholders await the next developments as the legal proceedings move forward, impacting merchants and credit card companies alike.

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