SAN FRANCISCO (dpa-AFX) - Visa (V) and Mastercard have agreed to pay a combined $167.5 million to settle a class-action lawsuit that accused the two companies of conspiring to keep ATM access fees artificially high.
The proposed settlement was filed in federal court in Washington and remains subject to judicial approval. Under the agreement, Visa will contribute about $88.8 million and Mastercard roughly $78.7 million to a settlement fund that could compensate millions of ATM users.
The lawsuit, first filed in 2011, alleged that network rules imposed by Visa and Mastercard prevented independent ATM operators from offering lower fees to consumers. The case is one of three related matters being heard in the same court.
Both companies denied any wrongdoing. Last year, they agreed to pay $197.5 million to settle separate claims brought by a different group of consumers over fees charged at bank-operated ATMs. Several banks involved in the broader litigation reached their own settlement in 2021, agreeing to pay $66 million.
Plaintiffs' attorneys described the agreement as a strong outcome given the risks of continued litigation and said they intend to seek court approval for legal fees of up to 30 percent of the settlement fund, or about $50 million.
A third lawsuit filed by independent ATM owners and operators remains pending. Separately, Visa is also facing other antitrust actions, including a case brought by the US Justice Department alleging monopolistic practices in the debit card market, claims the company has denied.
V currently trades at $346.95 or 0.27% higher on the NYSE.
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