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 $32.2 million, and all four companies deny any wrongdoing.
Details on how merchants will receive their share of the massive settlement are not yet publicly available.
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Anti-Inflation Crypto Approach Gains Momentum: Noomez's Plan Guides Investors Toward Change
- Noomez ($NNZ) emerges as anti-inflation meme coin with 28-stage roadmap to compress supply through burns and capped allocations. - Stage-specific airdrops, 66% APY staking, and 10% referral bonuses create compounding incentives for early participants. - Market shifts toward transparent tokenomics as investors prioritize fixed pricing curves and limited supply over speculative projects. - With 3.1B tokens sold and shrinking allocations, Noomez's structured approach positions it to outperform in inflation-
Bitcoin News Update: SpaceX's Move with Bitcoin Signals Institutional Trust in Long-Term Holding Approaches
- SpaceX transferred 1,163 Bitcoin ($105M) to Coinbase Prime, signaling institutional custody strategy over sell-off. - This follows October's $133.7M BTC transfer, with SpaceX now holding 6,095 BTC ($553M), ranking fourth in private corporate holdings. - Analysts confirm strategic reorganization, citing no liquidation trails and enhanced security focus, contrasting Tesla's static $1.05B BTC stash. - Market reacts cautiously optimistic as institutional Bitcoin management gains traction, with SpaceX's moves
Spirit Blockchain Faces Leadership Challenges as Interim CFO Navigates Regulatory Uncertainty
- Spirit Blockchain filed interim financial reports and MD&A for Q3 2025, with CEO Lewis Bateman serving as interim CFO after Inder Saini's departure. - The blockchain infrastructure firm focuses on recurring revenue through licensing and digital asset support, navigating regulatory risks and market volatility. - A separate SPIR-listed Spire Global faces NYSE delisting risks for missing filings, creating potential investor confusion between the two unrelated companies. - Bateman's dual role may streamline
ZEC drops 20.91% in a week as surging retail activity heats up the futures market
- Zcash (ZEC) rose 0.28% in 24 hours but fell 20.91% weekly amid volatile derivative markets and shifting demand. - Stagnant shielded pool activity, including the Orchard and Sapling pools, signals weakening demand for ZEC's privacy features. - Overheated retail-driven futures markets and declining open interest highlight risks of sharp corrections after historical patterns. - ZEC approaches critical $436 support level, with analysts warning of potential 30% declines if technical indicators break.
Trending news
MoreCrypto prices
More
