 |
MasterCard
and VISA credit cards are seen in this illustrative
photograph taken in Hong
Kong December 8, 2010.
(Credit: Reuters/Bobby Yip)
|
(Reuters) -
Visa Inc, Mastercard Inc and banks issuing their credit cards have agreed to
pay up to $7.25 billion and allow stores to encourage customers to use cheaper
forms of payment, according to settlement papers filed on Friday in a lawsuit
in Brooklyn federal court.
The
settlement, if approved by a judge, would resolve dozens of lawsuits filed by
retailers in 2005, accusing the companies of fixing fees for processing credit
and debit card payments and prohibiting stores from steering their customers to
cheaper forms of payment.
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