Visa and MasterCard announced a settlement with U.S. merchants related to swipe fees, a development that could save consumers tens of billions of dollars. Swipe fees are paid to Visa, Mastercard and other credit card companies in exchange for enabling transactions. Merchants ultimately pass on those fees to consumers who use credit or debit cards. According to the settlement announced Tuesday, Visa and Mastercard will cap the credit interchange fees into 2030, and the companies must negotiate the fees with merchant buying groups. The settlement stems from a 2005 lawsuit which alleged that merchants paid excessive fees to accept Visa and Mastercard credit cards, and that Visa and Mastercard and their member banks acted in violation of antitrust laws. In 2018 Visa and Mastercard agreed to pay $6.2 billion as part of the long-running suit filed by a group of 19 merchants. But the lawsuit then had two pieces that need to…
Sam Bankman-Fried will learn his sentence Thursday, four months after he was found guilty of orchestrating the multibillion-dollar fraud…
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Chick-fil-A says it will no longer adhere to its pledge of serving antibiotic-free chicken. In a statement released Monday,…
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Three senior Boeing executives including its CEO are stepping down, the company said Monday, as the company continues to…
The parent company of Chrysler and Dodge is recalling a total of 318,000 vehicles over air bag parts that…