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Monday, 28 September 2020

Visa, Mastercard reach $6.2 billion settlement over card-swipe fees

Reuters, Tuesday 18 Sep 2018
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Visa Inc (V.N), Mastercard Inc (MA.N), and a number of banks on Tuesday agreed to pay $6.2 billion to settle a long-running lawsuit brought by merchants over the fees they pay when they accept card payments.

The card issuers named in the class-action lawsuit include JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Bank of America (BAC.N).

Mastercard will pay an additional $108 million from funds set aside in the second quarter, the company said.

Visa’s share represents around $4.1 billion, which the company expects to pay using funds previously deposited with the court, and from a litigation escrow it set up on June 28.

The deal must still be approved by a judge.

 

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