Just days after filing an antitrust lawsuit against VISA and Mastercard, Disney has settled with the two credit card companies. The details of the settlement agreement are undisclosed as of yet.
On Friday, Disney filed a suit against the two credit card companies, alleging that the entities have a hold on the market, giving them the ability to price-fix interchange fees charged to companies like Disney every time a patron, Guest, or customer makes a purchase with a VISA or Mastercard. The suit that Disney filed on Friday was actually an offshoot of a suit that was filed in 2005.
Disney said that ultimately, the scenario leads to increased prices for its customers.
Though details of the settlement have not been made known, what is known is that the antitrust lawsuit filed by Disney had roots in a $6 billion settlement that was first reached a decade ago. According to that settlement, VISA and Mastercard conceded to lower the amount of money they charge for processing credit card transactions. Under that agreement, the lower costs were to remain unchanged for 8 months.
But large companies like Amazon excused themselves from the settlement, hoping to pursue their own agreements. Amazon was able to achieve this earlier this year.