Judge Rejects Visa/Mastercard $30 Billion Settlement

A U.S. federal judge rejected a $30 billion settlement proposed by Visa and Mastercard in a long-standing antitrust lawsuit with merchants over swipe fees. The judge, Margo Brodie, stated that the settlement amount was disproportionately low compared to the fees paid by merchants and that both companies could afford a larger settlement. Visa and Mastercard expressed disappointment and emphasized their commitment to resolving the matter. The rejected deal aimed to reduce and cap swipe fees, offering flexibility to merchants but was criticized for not providing optimal relief. The rejection highlights ongoing legal debates on financial practices and market dominance in the payment card industry.