Visa and Mastercard pay out $7.25billion for ripping off retailers

Visa, MasterCard and major banks agreed to pay retailers at least $6billion to settle a long-running lawsuit, which alleged that the card issuers conspired to fix the fees that stores pay to accept credit cards. As part of the settlement, announced late Friday, stores from Rite Aid pharmacies to Kroger supermarkets will be allowed to charge customers more if they pay using a credit card.
The pact, which lawyers involved in the case are calling the largest antitrust settlement in U.S. history, is seen as a major victory for merchants who have long complained about the billions of dollars in so-called ‘swipe’ or ‘interchange’ fees they pay to banks for each purchase made using plastic.

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