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Visa, Mastercard Face Next Fight After $6.2 Billion Settlement

  • Amount is in line with funds set aside to cover the lawsuit
  • Large merchants likely to opt out of settlement again: lawyer
Bloomberg business news
Visa and Mastercard Reach $6.2 Billion Settlement on Card Fees
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A record $6.2 billion settlement won’t be enough to end Visa and Mastercard’s long-running feud with the U.S.’s biggest retailers.

In the largest-ever class-action settlement of a U.S. antitrust case, Visa Inc. and Mastercard Inc. agreed to pay between $5.54 billion and $6.24 billion to a class of more than 12 million merchants who accept the payment networks’ cards, according to a regulatory filing on Tuesday. The total is in line with sums the companies previously set aside to cover the costs of the litigation.