Legal
Judge Likely to Reject $30 Billion Visa, Mastercard Fee Deal
- Networks, retailers have fought over interchange for decades
- Hearing on deal court approval held in Brooklyn Thursday
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A $30 billion settlement between Visa Inc., Mastercard Inc. and retailers to cap credit-card swipe fees is likely to be rejected by a federal judge in Brooklyn, a setback in the two decade-long litigation.
US District Judge Margo Brodie in Brooklyn, New York said at a hearing Thursday that she probably won’t approve the deal, according to a transcript of the hearing. Brodie hasn’t officially ruled, but said she would “issue a written decision” in coming days, according to a summary of her comments in court on Thursday.