Visa, MasterCard, And Major Banks Pay $6.6B For Manipulating Interchange Fees |
| July 14, 2012 | July 2012 Bond Updates |
|
Visa, MasterCard, and some of the nation’s largest banks settled a suit with U.S. retailers for allegedly colluding to manipulate interchange fees. According to the press release, the credit card companies and banks will pay $6.6 billion in cash; furthermore, the companies agreed to a temporary reduction in the level of these interchange fees paid by merchants, with an estimated value of $1.2 billion according to Reuters. |
| View more at: http://www.forbes.com/sites/afontevecchia/2012/07/13/visa-mastercard-and-major-banks-pay-up-for-manipulating-interchange-fees/ |
| Related News |
|