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Visa/MasterCard credit card fee settlement with retailers moves forward

Opposition from retail giants not derailing progress of largest antitrust settlement in history

Despite opposition from some of the country’s largest retailers, the biggest antitrust settlement in history is chugging right along.

The $7.2 billion whopper of a deal, between a class of retailers and Visa Inc., MasterCard Inc. and several banks, is meant to resolve allegations that the credit card companies and banks conspired to fix credit and debit card use fees, known as swipe fees, which cost stores every time a customer makes a purchase using a card. Under the terms of the settlement, the defendants would pay $6 billion to the class, and reduce the swipe fees for eight months, resulting in savings of $1.2 billion.

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