MasterCard, Visa in $6B settlement over card fees
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Visa, MasterCard and major banks agreed to pay retailers at least $6 billion to settle a long-running lawsuit that alleged the card issuers conspired to fix the fees that stores pay to accept credit cards.
The pact, announced late Friday, was called by lawyers involved in the case the largest antitrust settlement in US history. It was seen as a major victory for merchants that have long complained about the billions of dollars in so-called "swipe" or "interchange" fees that they pay to banks for purchases made using plastic. (AP)
