NATSO Statement on Court’s Reversal of Visa, MasterCard $7.25 Billion Settlement
NATSO President and CEO Lisa Mullings today issued the following statement on the decision by the U.S. Court of Appeals for the Second Circuit to reverse the $7.25 billion antitrust settlement that Visa and MasterCard had reached with millions of retailers over the high transaction fees that retailers pay each time a customer uses a credit card.
“This decision marks a major victory for retailers who have been seeking reform to the broken credit card system that costs them billions of dollars each year,” said NATSO President and CEO Lisa Mullings. “Had it moved forward, this settlement would have allowed Visa and MasterCard to continue to set artificially high swipe fees and allowed them to potentially increase those fees in the future to recoup the settlement costs. Our hope is that this ruling will open the door to the possibility of real reform that will allow true competition and transparency in the credit card system.”
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