Financial Business Review: MasterCard & Visa Settle A SUIT, JPMorgan DISSES Europe

A seven-year lawsuit that was brought by retailers against MasterCard (NYSE:MA) and Visa (NYSE:V) might be settled soon. The charges centered around allegations that the two credit-card major players fixed swipe fees, according to a Bloomberg report. Details of the resolution have not been released, but Visa has set aside $4.28 billion to cover litigation, MasterCard took a $495 million charge in the fourth quarter.

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On Thursday the European Central Bank reduced its deposit rate to 0 percent, and in reaction JPMorgan (NYSE:JPM) ceased accepting new money in several money market funds in response, and later in the day was joined by Goldman Sachs (NYSE:GS) and BlackRock in cutting off new investment into certain European money market funds. “The European market environment is in uncharted territory with such historically low – or even negative – yields for high-quality issuance” commented a Goldman spokesperson.

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