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Visa, MasterCard Antitrust Settled for $2.75 Billion

Antitrust allegations brought against Visa and MasterCard by Discover, will be settled with a payment of $2.75 billion, by the 2 credit card giants. Discover filed the antitrust suit 4 years ago, and sought an original $6 billion in damages.

The suit alleged that due to a policy that restricted banks and their respective networks from issuing competing cards, such as Discover's, Visa and MasterCard harmed Discover, and violated federal antitrust law.

The settlement breaks down as Visa paying $1.8875 billion and MasterCard paying $862.5 billion.

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Last updated on Oct-28-08