Visa, MasterCard and major banks agreed Friday, July 13, to pay at least $6 billion to settle a lawsuit brought by retailers. A banking industry trade group said the settlement would allow stores to charge customers more to pay with a credit card.
1. According to the article, what is the average credit card percentage paid by merchants on the price of the purchase?
2. Who were the defendants in the lawsuit?
3. When did the suit start through the court system?
Source: Associated Press, staff. (2012). VISA, MasterCard and banks reach $6 Billion Settlement over card fees. The Washington Post, July 13 (Retrievable online at http://www.washingtonpost.com/national/visa-mastercard-banks-reach-73-billion-settlement-with-merchants-over-credit-card-fees/2012/07/13/gJQADGkdiW_story.html)