Asda (WMT.N) and Morrisons, two major British grocery chains, have reached a settlement with Mastercard (MA.N) regarding fees assessed to merchants.
In accordance with a decision made by the two businesses and a ruling issued by the Competition Appeal Tribunal on Tuesday, they negotiated an arrangement with the international payment processor (CAT). The settlement’s terms are kept private.
In a statement, a Mastercard representative said, “We’re happy to have reached a settlement and will continue to work with Asda and Morrisons on convenient, safe, and secure electronic payments in their stores.”
In a statement, a representative for Morrisons said: “We have resolved our issue and are no longer in conflict with Mastercard.” Asda chose not to respond.
Two lawsuits were filed against Mastercard in connection with so-called multilateral interchange fees (MIFs), which merchants are required to pay credit card firms when customers use their cards to make purchases.
In 2020, the Supreme Court of the United Kingdom found that Mastercard’s and rival Visa’s (V.N) MIF fees were an illegal form of competition restriction.