In one of the largest antitrust resolutions in U.S. history, Visa and Mastercard reached a $200 billion settlement Monday with millions of merchants, ending a 20-year legal clash over credit card fees that reshaped how businesses handle customer payments.
The sweeping agreement, filed in a New York federal court, follows years of court rebukes and broken negotiations. The deal will grant merchants greater freedom over what cards they accept, slash transaction fees, and impose a five-year cap on rates — all reforms aimed at satisfying U.S. District Judge Margo Brodie, who previously ruled that earlier proposals didn’t go far enough.
“The amended settlement remedies each of those concerns and indeed provides reforms far beyond those the court discussed,” the merchants wrote in their filing seeking preliminary approval.
Experts estimate the deal could save merchants more than $200 billion over the settlement’s lifetime — a staggering figure for an industry that has long accused the payment giants of stifling competition and forcing businesses into high-fee structures.
