Judge Blocks $30 Billion , Visa, Mastercard , ‘Swipe Fee’ Settlement.<br />Federal Judge Margo Brodie rejected the $30 billion antitrust settlement on June 25, 'The Hill' reports. .<br />In March, Visa and Mastercard agreed <br />to limit interchange fees that retailers <br />who accept their cards are charged. .<br />The companies said they would reduce swipe fees for at least three years by a minimum of 4 basis points.<br />They also agreed to "cap their fees at 2023 levels <br />for the next five years," 'The Hill' reports. .<br />Retail industry groups criticized the proposed settlement since it would only provide temporary relief to a larger problem. .<br />Thankfully, the judge made the right <br />call in recognizing what a bad deal <br />this would have been for Main Street <br />merchants and their customers. , Christopher Jones, member of the executive committee <br />of the Merchants Payments Coalition (MPC), via 'The Hill'.<br />It’s extremely unusual for a judge to <br />reject a settlement at the preliminary <br />stage, so this shows how far Visa and <br />Mastercard’s proposal missed the mark, Christopher Jones, member of the executive committee <br />of the Merchants Payments Coalition (MPC), via 'The Hill'.<br />The average swipe fee that retailers <br />pay is 2.24%, but it can go up to 4%, <br />according to the National Retail Federation.<br />The credit card payment market <br />has been broken for decades. , The Retail Industry Leaders Association, via 'The Hill'.<br />Leading retailers are grateful that <br />Judge Brodie saw through the facade <br />of the proposed settlement.., The Retail Industry Leaders Association, via 'The Hill'.<br />... and understood that it would not <br />provide the meaningful change that is <br />needed to correct the competitive <br />imbalance in the interchange ecosystem, The Retail Industry Leaders Association, via 'The Hill'.<br />Retailers have also called on lawmakers to pass the Credit Card Competition Act.<br />Supporters claim that the bill would break <br />up Visa and Mastercard's dominance <br />and allow for more competition
