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MasterCard, Visa Agree to Settle Case

By Glen Ashman

MasterCard, Visa Agree to Settle Antitrust Claims

National Law Journal

U.S. Justice Department officials said today they had reached a settlement with two major credit card companies and are planning to take a third company to court over the companies' agreements with merchants. At a news conference, Attorney General Eric Holder Jr. said MasterCard International Inc. and Visa Inc. have agreed to settle the antitrust accusations with the department, while American Express Co. has not. The department today filed a civil complaint and proposed settlement in U.S. District Court for the Eastern District of New York. The proposed settlement cuts to the heart of the relationship among merchants, card networks and consumers. Merchants have long complained about the fees associated with card networks, and the settlement would allow them to publicize those fees to consumers and even offer rebates or discounts to consumers who choose a form of payment that the merchant prefers. Such rebates or discounts are prohibited under current contracts.

Full post as published by It's (Barely) Legal on October 04, 2010 (boomark / email).