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Card Giants to Pay $6 Billion
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Visa Inc., MasterCard Inc. and some large banks agreed to a $6 billion settlement for a lawsuit that alleges price fixing. It provides an additional $1.2 billion fee relief for retailers. Visa will pay 67% of the settlement, MasterCard 12%, and the large banks 21%. Merchants pay about $25 billion each year to card issuing banks in interchange fees charged for each credit card transaction. Large retailers filed the lawsuits in 2005, including Kroger, Safeway, Walgreen. Other merchants including doctors and small business owners joined the lawsuits, which were later combined in the U.S. District Court of Brooklyn.
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Mastercard management
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MasterCard Set to Open an Online Shopping Mall
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Study: Card Issuers Face $25 Billion Revenue Hit
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Payout Doubles for Card Concern
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Wall Street Journal 07/14/2012
MasterCard and Visa Will Pay Billions to Settle Antitrust Suit
New York Times 07/13/2012
Visa Inc. and MasterCard legal settlement of price fixing charges in the U.S.
07/13/2012
A $6 billion settlement with additional $1.2 billion relief in fees for retailers in the U.S.
Grouped Articles
Wall Street Journal 07/14/2012
MasterCard and Visa Will Pay Billions to Settle Antitrust Suit
New York Times 07/13/2012
Visa Inc. strategies
07/13/2012
Grouped Articles
Visa Plants a Seed for Growth Abroad
Wall Street Journal 05/07/2013
Visa Posts Higher Profit as Payments Volume Rises
Wall Street Journal 01/31/2014
Wall Street Journal 07/14/2012
MasterCard and Visa Will Pay Billions to Settle Antitrust Suit
New York Times 07/13/2012
Mastercard performance
02/08/2012
Grouped Articles
Payout Doubles for Card Concern
Wall Street Journal 02/08/2012
Wall Street Journal 07/14/2012
MasterCard and Visa Will Pay Billions to Settle Antitrust Suit
New York Times 07/13/2012
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