BofA Says Credit-Card Swipe-Fee Case Costs Lender $738 Million
Bank of America Corp., the second- biggest U.S. credit-card lender, said it will contribute a total of $738 million to settle a price-fixing case brought by retailers over credit-card swipe fees.
The lender agreed to pay $199 million in cash for claims related to MasterCard Inc. (MA) in addition to $539 million that Visa Inc. (V) previously deposited into a litigation escrow fund, the Charlotte, North Carolina-based bank said today in a regulatory filing.
Visa and MasterCard, the world’s biggest payment networks, and some of the largest U.S. banks agreed last month to pay merchants $6.6 billion and temporarily reduce credit-card swipe fees, or interchange, to settle the antitrust lawsuit in federal court in Brooklyn, New York.
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