"Visa and Mastercard Settle $30 Billion Swipe-Fee Lawsuit, Lowering Merchant Fees"

Visa and Mastercard have reached a settlement with U.S. merchants to lower and cap swipe fees until 2030, allowing small businesses to collectively bargain for rates with the payment processors. While industry groups see this as a positive step, they believe more needs to be done to address the long-term anti-competitive rate-setting practices. The settlement stems from a 2005 lawsuit alleging excessive fees, and the law firm values the savings in swipe fees at close to $30 billion. Small business owners welcome the settlement as a step in the right direction, but some believe it won't significantly change their bottom line. Eligible merchants can claim a share of the settlement until May 31.