Visa, Mastercard, Major Banks Facing New Litigation over 'Anticompetitive' Fees

A San Diego pizzeria filed a class action lawsuit alleging that Visa, Mastercard, and major U.S. banks have conspired to artificially inflate credit card transaction fees that merchants must pay, claiming the scheme generates over $100 billion annually in fees despite a previous $5 billion settlement over the same allegedly anticompetitive practices. The lawsuit contends that the defendants implemented "anticompetitive rules" that prevent merchants from negotiating fees or steering customers toward lower-cost payment options, effectively eliminating market competition and allowing financial institutions to raise fees annually without consequence.