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US judge approves $5.7bn settlement against Visa, MasterCard in fee-fixing case

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ANI London
Last Updated : Dec 14 2013 | 10:30 AM IST

A US judge has reportedly approved a 5.7 billion dollar settlement against credit card firms Visa and MasterCard for fixing fees to merchants.

The two firms have been accused of fixing the credit card fees charged to merchants each time a credit or debit card was used.

According to the BBC, the ruling is believed to be the largest settlement of an antitrust class action suit ever.

The report said that initially, a settlement of 7.2billion dollars was agreed on, but the amount was lowered after around 8000 retailers, including Amazon and Target, opted out of the agreement.

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First Published: Dec 14 2013 | 10:25 AM IST

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