Dozens of lawsuits were filed by small businesses in 2005 claiming that Visa and Mastercard and the banks that issued their credit cards colluded to overcharge on credit and debit cards.

And 7 years later those big companies settled with mom and pop retailer for 7.25 billion dollars.  Sounds like a lot doesn’t, 7.25 billion?  But consider that fact that retailers pay $50 billion in swipe fees each and every year and all of a sudden that 7.25 billion spread out over the 7 years it took them to get it….roughly 2% over that 7 years..is chump change.

And the chumps, represented by the Justice Department lawyers, are going for that change.

But not without an extra little something worked out for us by our good friends at Justice.  In order for the chumps to collect their change, they are going to have to agree to extensive “litigation releases”…what does that mean?  If you are a mom and pop retailer that takes this money from the settlement, you are not going to be able to sue us again, over any issues relating to fees and anti-trust restraints,  ever.

And I just want to say that for the record this is a civil settlement and there is, of course, no admission of criminal wrongdoing.

So chumps, enjoy that money.  And remember, there are some things money can’t buy, for everything else there’s our Justice Department.