Visa, MasterCard Pass on Chance to Drop Fee Settlement
This article is for subscribers only.
Visa Inc. and MasterCard Inc. will pursue a multibillion-dollar price-fixing settlement over retailer swipe fees as opposition to the deal reached a level that would have allowed the card firms to walk away, according to one of the companies.
Ajaypal S. Banga, president and chief executive officer of Purchase, New York-based MasterCard, told investors last month that U.S. retailers accounting for more than 25 percent of total credit card purchase volume had decided to opt out of the settlement. Under the deal, which is subject to a judge’s final approval Sept. 12 in Brooklyn, New York, federal court, the card firms and banks could have backed out if that threshold was reached.