A US judge issues preliminary approval for a proposed $38 billion settlement between Visa and Mastercard and merchants over credit card swipe fees, according to reports referencing Reuters. The settlement, announced in November, is intended to resolve claims that span about two decades of litigation between the card networks and merchant groups regarding the fees charged to accept credit cards.
The judge’s preliminary ruling follows an earlier attempt to settle. Nearly two years ago, a different judge rejected a prior $30 billion proposal, setting the stage for the new, larger settlement. With preliminary approval, the deal moves to the next steps in the court process, which typically include further review and participation by affected parties before any final decision.
Across coverage, the central point is that the judge finds the proposed settlement “fair” at this stage, allowing the parties to proceed under court supervision to conclude the dispute over interchange and related payment processing fees.
