MasterCard and Visa Will Pay
Billions to Settle Antitrust Suit
By JESSICA SILVER-GREENBERG
Published: July 13, 2012
Retailers will be able to charge
their customers more for paying with credit cards under the terms of a
multibillion-dollar settlement announced late in the day on Friday.
MasterCard, Visa and major banks, including JPMorgan Chase and Bank of America, agreed to pay more than $6 billion to settle
accusations that they engaged in anticompetitive practices in payment
processing.
The settlement is the culmination
of a lawsuit brought in federal court on behalf of roughly seven million
merchants in 2005. Merchants said that the companies engaged in price-fixing to
charge high fees for processing credit and debit card payments.
MasterCard, Visa, JPMorgan Chase & Bank
of America
Mark
Schwartz is a director at MasterCard
Incorporated, was George Soros senior
adviser, and the president & CEO for Soros
Fund Management.
Note: George Soros senior
adviser was Mark Schwartz, is the
founder of Soros Fund Management,
and the chairman for the Foundation to
Promote Open Society.
Suzanne Nora
Johnson is a trustee at the Brookings Institution (think tank), and a director at Visa Inc.
Ellen
V. Futter is a trustee at the Brookings Institution (think tank), and a director at JPMorgan Chase & Co.
A.W.
Clausen was an honorary trustee at the Brookings Institution (think tank), and the chairman & CEO for Bank of America Corp.
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