Visa and Mastercard Reach $6.2 Billion Settlement on Card Fees

The transcript discusses the impact of the financial crisis on banks, particularly Visa and MasterCard, which were once owned by banks but are now independent and highly valuable. It explains the issue of swipe fees charged by Visa and MasterCard, which merchants find too high, leading to a lawsuit 13 years ago. The settlement process has been lengthy, with previous settlements being rejected. The current settlement is still pending approval. The transcript also touches on the implications for mobile payments and the ongoing issues with interchange fees. The settlement's impact on retailers is based on payment volume, with some opting out.

What has been the outcome of the lawsuits related to swipe fees over the past 13 years?

What implications does the current case have for other types of payment processors?