Judge rejects multibillion Visa, Mastercard settlement in swipe fee case

A federal judge on Tuesday rejected a $30 billion antitrust settlement under which Visa and Mastercard agreed to limit fees they charge merchants that accept their credit and debit cards.

U.S. District Judge for the Eastern District of New York Margo Brodie in Brooklyn said she was unlikely to grant final approval to the settlement and therefore denied the request for preliminary approval made by a group of merchants made up primarily of small businesses.