U.S. District Judge Margo Brodie — having set expectations during a hearing earlier this month that she would do so — formally rejected the $30b settlement between Visa, Mastercard and merchants that would have set limits on those fees, levied each time a credit card is used.
PYMNTS has reached out to the payments network for comments. Visa had not responded as of publication time. In a statement provided to us by Mastercard, a spokesperson said the firm is “disappointed by this development. We believe the settlement presented a fair resolution of this long-standing dispute, most notably by giving business owners more flexibility in how they manage their card acceptance activities. We will pursue our options to ensure a proper resolution of this matter.”
