Visa and Mastercard Rebuke Merchant Complaints Over Proposed Settlement

Visa and Mastercard have rebuffed merchant complaints about the proposed settlement to end decades of litigation over card interchange costs. The networks argue that merchants have been adequately represented and that the settlement's concessions, including reduced credit interchange rates and the right to decline some higher-cost cards, are substantial. Merchants object to the temporary nature of the fee caps and the lack of fundamental changes in how the networks impose default swipe fees. Visa and Mastercard asked the court for preliminary approval of the settlement.