A federal judge recently rejected an antitrust settlement between (NYSE: V), Mastercard (NYSE: MA), and merchants over interchange, or swipe, fees. The proposed settlement was largely considered a win for the two credit card processors at the time.

Let's look at the original settlement, what happens next, and what long-term impact the situation could have on the stocks of Visa and Mastercard.

Back in March, Visa and Mastercard agreed to a settlement with retailers to an antitrust class-action lawsuit that began back in 2005. The merchants alleged that the two credit card processors colluded with card-issuing banks to inflate interchange fees and prevent them from directing consumers to cheaper options.

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Source Fool.com