Lawsuit Over Visa, MasterCard Fees Dismissed

U.S. District Judge Jeffrey White dismissed the antitrust lawsuit brought against credit card providers Visa and MasterCard. He also dismissed claims that Bank of America, Wells Fargo and U.S. Bancorp merchants who were accused of violating antitrust laws by conspiring to fix transaction fees.

These charges we're brought forward by a number of retailers concerned with increased point-of-sales transaction fees, which are not Federally regulated. The average transaction fee costs the merchant about 1.7% of the purchase price.

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