debit card fees

A federal judge has rejected a proposed 30-billion-dollar antitrust settlement between Visa, Mastercard, and retailers regarding swipe fees. The settlement, reached in March, aimed to limit credit and debit card fees for merchants, with the expectation that the savings would benefit consumers.

The judge's decision to deny the settlement has not been fully detailed in public documents yet. However, a memo suggests that the judge is "not likely to grant final approval." This rejection comes amid objections from some merchants who argue that the proposed fees remain excessively high and continue to burden their businesses.