12:31 PM EDT, 06/25/2024 (MT Newswires) -- (Updates with details throughout)

A federal judge in Brooklyn has rejected a $30 billion settlement between Visa (V), Mastercard ( MA ) , and retailers to cap swipe fees for credit cards after hinting earlier in June that such a ruling could be expected, Bloomberg reported Tuesday.

Judge Margo Brodie for the US District Court for the Eastern District of New York ordered the parties to discuss and respond to the ruling by Friday, according to the report.

Judge Brodie had already indicated to the lawyers for the card companies earlier this month that she would likely not approve the settlement.

The proposed $30 billion payout by the card companies was reportedly 19 years in the making, spurred by retailer complaints that the payment networks were charging them too much in swipe fees and placing obstacles to prevent businesses from pursuing other payment methods.

Visa and MasterCard ( MA ) did not immediately reply to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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