A federal judge on Tuesday rejected a $30 billion antitrust settlement between Mastercard and Visa
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AfederaljudgeonTuesdayrejecteda$30billionantitrustsettlementbetweenMastercardandVisa
AfederaljudgeonTuesdayrejecteda$30billionantitrustsettlementbetweenMastercardandVisainwhichtheyhadagreedtolimitfeestheychargedforretailerswhotaketheirdebitandcreditcards.
U.S.DistrictJudgeMargoBrodieinNewYorkwrotethatshewas“notlikelytograntfinalapproval”ofthetwocorporations’settlement,whichwasannouncedinMarch.Asaresult,shedeniedthecompanies’requestforpreliminaryapproval.Thejudgehasnotyetissuedawrittenruling.
ThejudgethendirectedthecreditcardcompaniesandotherpartiestosubmitproposedredactionsbeforeJune28andexplainwhy.
InMarch,thetwocompaniessaidtheiragreementwouldlowerfees,knownasinterchangefees,thatamerchantmustpaywhenacustomerusesoneoftheircards.
AnumberoftradeandmerchantgroupshadopposedtheVisa–Mastercardagreement,arguingthatthecard-usefeeswouldstillbetoohighandthatthetwocorporationswouldretaintoomuchco
