New York CNN —
A federal judge overseeing a $30 billion preliminary swipe-fees settlement between Mastercard, Visa and retailers formally rejected the deal Tuesday.
Mastercard and Visa, two of the world’s largest credit card networks, reached their proposed multi-billion antitrust settlement with US merchants in March. The settlement would lower swipe fees, or interchange fees, that a retailer must pay when a customer makes a purchase using their card.
The details of Tuesday’s ruling made by Judge Margo Brodie of the US District Court of the Eastern District of New York have not been made public.
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