visa-mastercard-shadowThis Christmas season 634,000 retailers across the United States will be getting the final installment of $1.1 billion which completes the $3.4 billion settlement that was won against Visa and MasterCard in a 2003 antitrust lawsuit.

The final payments were originally scheduled to be disbursed in 2012 but both Visa and MasterCard have formally announced plans to accelerate this payment schedule and make the entire $1.1 billion payment by the end of the year.

This settlement is the result of a 2003 antitrust lawsuit that was hotly contested in court for 7 years. The victorious New York law firm of Constantine Cannon made the case that Visa and MasterCard used their size and clout to fix prices and take part in other unfair monopolistic business practices.

In addition to the settlement money that has and will be paid out that comes to $3.4 billion in total exchange fees have also been curtailed because of the lawsuit.

The timing of this final cash installment will come at the perfect time as many retailers are concerned with lower consumer spending through the economic downturn.

Similar Articles:

Credit Cards

Do you have a unique story to tell about credit cards or something related to small business/personal finance? If so, contact us to submit your own guest post ideas and you could be featured on our blog!

Disclaimer: This content is not provided or commissioned by American Express, Visa, MasterCard, Discover, or any other credit card company or issuer. The opinions expressed here are the author's alone, not those of any credit card company or issuer, and have not been reviewed, approved or otherwise endorsed by any credit card company or issuer. Credit Card Chaser may be compensated through various affiliate programs with advertisers. As always, Credit Card Chaser is an independent website commmitted to helping people research credit card offers and find the best credit card!

Leave a Reply

Your email address will not be published. Required fields are marked *


You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>