On the morning of March 26, news outlets started reporting a landmark settlement in longstanding litigation between Visa, Mastercard and the largest card-issuing banks on the one hand and the merchant community on the other hand over credit card operating rules. The proposed settlement was made to seem like a win for retailers, who would see $30 billion in relief from swipe fees. What soon became clear in the details of the settlement, which was leaked to the press by the credit card industry, was that it was a sweetheart deal for them and a raw deal for retailers and their customers.