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Interchange Settlement Announced

Posted on 7/16/2012

Visa, MasterCard, and major card issuers reached an agreement with retailers, announced late Friday, in which they will pay the retailers $6.05 billion to settle a lawsuit alleging the violation of antitrust laws in setting credit card interchange fees. The out-of-court settlement also includes a 10-basis-point reduction in credit card interchange rates for eight months that will be paid to retailers participating in the suit. The fee reduction is estimated at $1.2 billion.

The settlement eliminates network prohibitions on retailers' charging of customers for using credit and charge cards at the point of sale. In addition, the settlement includes provisions to end the ability of merchants to challenge network rules on point-of-sale issues, including interchange price-setting.

To view an ABA backgrounder on the issue visit: http://www.aba.com/Issues/Documents/InterchangeSettlementBackgrounderJuly2012.pdf


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