A settlement of US$6.24 billion has been reached and a court is scheduled to approve or deny the agreement

Plaintiffs allege that Visa and Mastercard fixed interchange fees, also known as swipe fees, that are charged to merchants for the privilege of accepting payment cards. In their complaint, the plaintiffs also alleged that the defendants unfairly interfere with merchants from encouraging customers to use less expensive forms of payment such as lower-cost cards, cash, and checks. A settlement of US$6.24 billion has been reached and a court is scheduled to approve or deny the agreement on November 7, 2019.