Visa and Mastercard settle antitrust suit Christian Ehret at 12:19 PM ET
[JURIST] Visa Inc. and Mastercard Inc. [corporate websites] on Monday settled an antitrust suit with Discover Financial Services [corporate website] for $2.75 billion. Under the settlement, $1.8875 billion was apportioned to Visa [press release] and $862.5 million to Mastercard [press release] under a judgment-sharing agreement. This settlement is the result of a 2004 lawsuit filed by Discover after a US Department of Justice [official website] suit [opinion, text; complaint, text] determined Visa and Mastercard were in violation of section 1 of the Sherman Antitrust Act [text] by prohibiting banks from using Discover's services. Reuters has more.
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