U.S. court approves revised $38 billion settlement resolving long-running litigation over credit card processing fees for merchants.
A U.S. District Court judge granted preliminary approval to a $38 billion settlement between Visa, Mastercard, and retailers over swipe fees. The deal addresses accusations that the card networks overcharged merchants for processing credit card payments.
The ruling follows nearly 40 objections, though the court noted it was too early to assess their broader relevance among the 12-million-merchant class. The litigation has spanned years, with retailers arguing fees were excessive.
Mastercard also unveiled Agent Pay for Machines, a service enabling high-speed, low-latency transactions for AI-driven business models. The firm’s shares remain under an Overweight rating, with a price target raised to $679 from $678.