Discover Reaches $1.2 Billion Settlement in Merchant Fee Dispute

Discover has agreed to a settlement exceeding $1.2 billion to resolve a class action lawsuit. The suit alleged that the company misclassified certain credit cards, resulting in merchants being charged excessive interchange fees. This significant payout aims to compensate end merchants, acquirers, and payment intermediaries affected by these misclassified transactions between 2007 and 2023.