The U.S. District Court for the Eastern District of New York has granted preliminary approval of a $38 billion settlement between Visa, Mastercard and nearly 12 million merchants over “swiping fees” when processing credit cards.
The litigation between the global credit card giants and merchants dates back to 2005, stemming from allegations that fees charged to merchants for accepting credit card payments were too high and that merchants were unable to reject certain cards carrying higher fees.
