Summary by Moomoo AI
Mastercard announced on March 26, 2024, that it had entered into a Class Settlement Agreement with court-appointed counsel for an injunctive rules relief class of merchants. The agreement aimed to settle claims related to business practices, including network rules, and was subject to final approval by the Eastern District Court of New York.On June 25, 2024, the Eastern District Court of New York formally rejected the Agreement. This development marks a significant setback in Mastercard's efforts to resolve the ongoing legal dispute with merchants regarding its business practices.The company filed an amended Current Report on Form 8-K on June 28, 2024, to provide this update. The rejection of the settlement agreement may potentially lead to further negotiations or legal proceedings between Mastercard and the merchant class.