What is this case all about?
A court case was settled between a group of merchants and Visa, MasterCard, and issuing banks related to rising interchange fees. Merchants believed the fees rose unfairly, and both parties agreed to settle for more than $5 billion dollars.
On December 13, 2013, Judge Brodie of the U.S. District Court in Brooklyn, NY granted final approval of the Visa/MasterCard Interchange Fee Settlement. The terms of this proposed settlement modify and supersede the previous settlement that was remanded by the Second Circuit Court of Appeals in 2016. The court has agreed that despite any reservations expressed during the Fairness Hearing, which was held on November 7, 2019, the proposed settlement is fair and adequate.