Visa and Mastercard to cough up about $6bn in deal over price fixing case
New York — Visa and Mastercard agreed to pay as much as $6.2bn to end a long-running price-fixing case brought by merchants over card fees, the largest class-action settlement of an antitrust case to date. The two card companies will pay between $5.54bn and $6.24bn to settle the claims, according to a filing on Tuesday. Visa and Mastercard had previously set aside $5.3bn with the court to settle the claims. Earlier in 2018, as the two sides drew closer to an agreement, they put aside an additional $900m to help cover the settlement amount. "After years of thoughtful negotiation, we are pleased to be able to reach this agreement and move forward in our partnership with merchants to provide consumers convenient, reliable, secure ways to pay," Kelly Mahon Tullier, Visa’s general counsel, said in a statement. As part of the payment, Visa and Mastercard will use shares owned by banks including JPMorgan Chase, Citigroup and Bank of America. The lawsuit is one of many flashpoints in the ba...
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