Mastercard settles merchant class action, agrees to cut U.S. credit interchange rates for five years

Mastercard Inc

Settlement requires Mastercard to reduce published and effective interchange on U.S. credit transactions; five-year rate cap applies.
Simplified merchant surcharging and discounting rules implemented; no interchange rate increases during five-year period.
No admission of wrongdoing; agreement subject to final approval by Eastern District Court of New York.
Resolves vast majority of pending U.S. merchant litigations against Mastercard regarding interchange and network rules.
Changes expected to take effect in late 2024 or early 2025; follows prior damages class settlement.

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