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Visa, MasterCard in $2.8B settlement with Discover

Visa, MasterCard in $2.8B settlement with Discover

Credit card issuers Visa and MasterCard say they will pay up to $2.75 billion to Discover Financial to settle an antitrust suit.
Visa of San Francisco will pay $1.89 billion, and MasterCard of Purchase, New York, will pay $862.5 million.
Morgan Stanley, the former parent of Discover, will refund $100 million to Visa and MasterCard under separate agreements.
Discover, of Riverwoods, Illinois, filed its suit in 2004. It sought damages for practices that it said hurt third-party issuing of cards on the Discover Network and the acceptance of its credit cards.


Updated : 2021-06-16 06:19 GMT+08:00