FILE - MasterCard and Visa credit card logos are shown at the entrance of a New York coffee shop, April 22, 2005. A deadline is looming for millions of businesses who may be entitled to a payout in a $5.5 billion antitrust settlement with Visa and Mastercard. The settlement stems from a 2005 lawsuit that alleged merchants paid excessive fees to accept Visa and Mastercard credit cards, and that Visa and Mastercard and their member banks acted in violation of antitrust laws. (AP Photo/Mark Lennihan, File)
FILE - MasterCard and Visa credit card logos are shown at the entrance of a New York coffee shop, April 22, 2005. A deadline is looming for millions of businesses who may be entitled to a payout in a $5.5 billion antitrust settlement with Visa and Mastercard. The settlement stems from a 2005 lawsuit that alleged merchants paid excessive fees to accept Visa and Mastercard credit cards, and that Visa and Mastercard and their member banks acted in violation of antitrust laws. (AP Photo/Mark Lennihan, File)
Mark Lennihan/AP
New York CNN  — 

A federal judge overseeing a $30 billion preliminary swipe-fees settlement between Mastercard, Visa and retailers formally rejected the deal Tuesday.

This is a developing story and will be updated.