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The total value of the settlement will be about $7.25 billion. [9] [10] This amount could be decreased based on the number of plaintiffs who opt-out. [11] A part of the settlement that allows merchants to charge fees to customers paying via credit card in order to recoup swipe fees took effect on January 27, 2013.
Mastercard, along with Visa, has been sued in a class action by ATM operators that claim the credit card networks' rules effectively fix ATM access fees. The suit claims that this is a restraint of trade in violation of federal law.
A merchant account is a type of bank account that allows a seller, known as the merchant, to accept payments by debit or credit cards.A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions.
But Piper Sandler said in a note Tuesday that JPMorgan could benefit from the Visa deal by $5.5 billion after tax, or $1.90 a share, boosting its capital levels.
The jury awarded $1.8 billion in damages, ... The judge presiding over the case granted preliminary approval to the settlement on April 23, 2024. [17]
In December 2013, a federal judge approved a $5.7 billion settlement in the case that offered payouts to merchants who had paid credit card fees, the largest antitrust settlement in U.S. history. Some large retailers, such as Wal-Mart and Amazon , chose to not participate in this settlement, however, and have continued their legal fight against ...