Visa, MasterCard to Pay Billions in Lawsuit

Think twice before swiping that plastic.Visa Inc. and MasterCard Inc. have agreed to pay retailers more than $6 billion in order to settle a lawsuit in an agreement that also allows dealers to up the costs of their customers who pay with credit. Another victory for merchants, the settlement will have a wide range of implications for consumers. The agreement was reached after four months of negotiating and calls for Visa and MasterCard to lower fees that merchants pay to accept credit cards (for only a certain amount of time). The relief this will bring to merchants is valued at $1.2 billion.