Visa, MasterCard, And Major Banks Pay $6.6B For Manipulating Interchange Fees
- Saturday, July 14, 2012, 3:16
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Visa, MasterCard, and some of the nation’s largest banks settled a suit with U.S. retailers for allegedly colluding to manipulate interchange fees. According to the press release, the credit card companies and banks will pay $6.6 billion in cash; furthermore, the companies agreed to a temporary reduction in the level of these interchange fees paid by merchants, with an estimated value of $1.2 billion according to Reuters.
http://www.forbes.com/sites/afontevecchia/2012/07/13/visa-mastercard-and-major-banks-pay-up-for-manipulating-interchange-fees/
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