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Visa and Mastercard unveiled a revised settlement to end two decades of merchant litigation over alleged antitrust violations and costly swipe fees, after a judge rejected a prior $30 billion deal. The new accord, pending court approval, would cut interchange rates by 0.1 percentage points for five years, cap standard consumer cards at 1.25%, and give merchants more choice over which card types to accept and when to surcharge. The companies deny wrongdoing. Opposition remains: trade groups call the reductions minimal and warn fees could rise once temporary cuts lapse.

Prepared by Christopher Adams and reviewed by editorial team.