A US judge yesterday granted preliminary approval to a proposed $7.2 billion settlement between merchants and Visa and Mastercard over credit card fees, despite objections coming from hundreds of retailers, including Walmart.
If the deal receives final approval, it would be the largest federal antitrust settlement in US history, offering nearly 8 million merchants $7.2 billion in cash and temporary reductions in the swipe fees they pay to process consumers’ credit and debit transactions.