Judge Blocks $30 Billion , Visa, Mastercard , ‘Swipe Fee’ Settlement.br Federal Judge Margo Brodie rejected the $30 billion antitrust settlement on June 25, 'The Hill' reports. .br In March, Visa and Mastercard agreed br to limit interchange fees that retailers br who accept their cards are charged. .br The companies said they would reduce swipe fees for at least three years by a minimum of 4 basis points.br They also agreed to "cap their fees at 2023 levels br for the next five years," 'The Hill' reports. .br Retail industry groups criticized the proposed settlement since it would only provide temporary relief to a larger problem. .br Thankfully, the judge made the right br call in recognizing what a bad deal br this would have been for Main Street br merchants and their customers. , Christopher Jones, member of the executive committee br of the Merchants Payments Coalition (MPC), via 'The Hill'.br It’s extremely unusual for a judge to br reject a settlement at the preliminary br stage, so this shows how far Visa and br Mastercard’s proposal missed the mark, Christopher Jones, member of the executive committee br of the Merchants Payments Coalition (MPC), via 'The Hill'.br The average swipe fee that retailers br pay is 2.24, but it can go up to 4, br according to the National Retail Federation.br The credit card payment market br has been broken for decades. , The Retail Industry Leaders Association, via 'The Hill'.br Leading retailers are grateful that br Judge Brodie saw through the facade br of the proposed settlement.., The Retail Industry Leaders Association, via 'The Hill'.br ... and understood that it would not br provide the meaningful change that is br needed to correct the competitive br imbalance in the interchange ecosystem, The Retail Industry Leaders Association, via 'The Hill'.br Retailers have also called on lawmakers to pass the Credit Card Competition Act.