(Reuters) - The judge agreed with a special master that the fee violated a 2003 settlement of claims by Wal-Mart Stores Inc. and other retailers that they incurred billions of dollars of processing costs to meet card association requirements that they accept signature-verified debit cards. Visa settled for $2 billion and MasterCard for $1 billion.
According to the judge's 41-page opinion, Visa decided to assess a "settlement service fee" to any of its 100 largest debit issuers that moved its debit portfolio to MasterCard. The fee was to represent the issuer's proportionate share of Visa's remaining obligations under the settlement.
Read more at Reuters.com Business News
According to the judge's 41-page opinion, Visa decided to assess a "settlement service fee" to any of its 100 largest debit issuers that moved its debit portfolio to MasterCard. The fee was to represent the issuer's proportionate share of Visa's remaining obligations under the settlement.
Read more at Reuters.com Business News
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