Visa, MasterCard Near Settlement on Swipe Fee Suit
07/05/2012| 07:55pm US/Eastern
Visa Inc. (V) and MasterCard Inc. (>> Mastercard Inc) are prepared to settle a seven-year lawsuit brought against them by retailers to cut credit-card transaction costs, Bloomberg News reported Friday on its website, citing three unnamed sources.
The settlement might be reached as soon as late next week, the report cited two of the sources as saying. The deal might include payments to retailers and a temporary reduction in interchange rates or "swipe fees" tacked on to each card purchase, though talks could still be delayed or collapse, the report quoted the sources as saying.
A Visa spokeswoman and a MasterCard spokesman declined comment on the timing of the settlement, the report said.
Full Story: http://www.bloomberg.com/news/2012-07-05/visa-mastercard-said-to-near-accord-on-swipe-fee-lawsuit.html