2012-07-15 — businessweek.com
Visa, MasterCard and 13 of the country's biggest banks have agreed to pay $7.25 billion to settle accusations by retailers that they engaged in price-fixing on credit card transaction fees.
The settlement, on behalf of about 7 million retailers, could be the largest antitrust class-action settlement in U.S. history and is expected to alter the price structure around the plastic cards that are a central feature of U.S. commerce.
But while the deal promises to put money in the pockets of millions of retailers, it appears the controversy is far from over. Appeals are anticipated, and already one major retailers group has rejected the agreement, called it a "mirage" that doesn't go far enough.
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