Visa and Mastercard To Pay $199,500,000 Settlement After Allegedly Forcing Users To Cover Costs of Fraudulent Transactions
Visa and Mastercard just agreed to pay a whopping $199.5 million to resolve a class action lawsuit that’s been moving through the courts since 2016.
The lawsuit accused the payment giants of forcing businesses to absorb costs from fraudulent transactions involving counterfeit, lost and stolen cards.
Specifically, the lawsuit alleged antitrust violations were committed through coordinated changes to chargeback rules, which increased merchant costs without lowering transaction fees.
Merchants were hit with the additional costs if they were slow to upgrade their point-of-sale systems to process chip-enabled cards.
Visa will pay $119.7 million, and Mastercard will pay $79.8 million, reports Reuters.
Discover and American Express have already settled for $32.2 million, and all four companies deny any wrongdoing.
Details on how merchants will receive their share of the massive settlement are not yet publicly available.
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
XRP News Today: XRP Faces Impending Death Cross: Falling Below $1.82 Could Lead to a 15% Decline
- XRP faces bearish pressure as a death cross forms, signaling potential 15% price correction below $1.82 support. - Analysts highlight $1.90–$2.08 consolidation zone as critical for stability, with $1.65 Fibonacci level as potential bottom. - Recent ETF launches briefly boosted XRP to $2.25, but weak volume and lack of institutional buying limit upside. - Broader crypto fragility and regulatory uncertainties amplify risks for XRP holders amid technical breakdown threats.
XRP News Today: XRP ETF Debut Opens Door to Widespread Adoption in Traditional Finance
- 21Shares confirms imminent U.S. spot XRP ETF launch, marking institutional access for Ripple's asset post-SEC settlement. - Final S-1/A filing clears regulatory hurdles, with $586M net inflows and $85.8M trading volume signaling strong market demand. - Analysts highlight ETF-driven $10B inflow potential, contrasting speculative trading with XRP's cross-border payment utility and institutional adoption. - Multiple XRP ETFs in pipeline could solidify its mainstream status, bridging crypto and traditional m
Zcash Halving and Its Effects on the Cryptocurrency Market
- Zcash's 2025 halving reduced block rewards by 50%, driving a 1,172% price surge to $589 amid institutional adoption and privacy-focused utility . - Unlike Bitcoin's mixed halving outcomes, Zcash's deflationary model combined with shielded transactions and ESG alignment attracted diversified investor demand. - Privacy features (zk-SNARKs) and 2025 PoS transition stabilized mining returns, but regulatory scrutiny of shielded transactions remains a key risk. - Future Zcash halvings (next in 2028) may face l
Korean Won Stablecoin Alliance Seeks to Disrupt US Dollar Dominance in Digital Finance
- WEMADE leads Korean won stablecoin alliance with CertiK, Chainalysis, and SentBe to challenge USD-dominated stablecoin markets. - CertiK provides security infrastructure for StableNet mainnet, while Chainalysis/SentBe enhance compliance and transparency. - South Korea's $10.3B Upbit-Naver merger and KakaoBank's initiatives reflect national strategy to assert monetary sovereignty via blockchain. - Regulatory hurdles persist, but alliance aims to navigate 51% bank ownership rules through security-complianc
Trending news
MoreCrypto prices
More
