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January 31, 2023
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Business

Visa, Mastercard in new settlement of visa or mastercard fee suit

NEW YORK — Visa and Mastercard said Tuesday they’re going to pay $6.2 billion to stay portion of a long-running lawsuit through merchants over fees on bank card transactions.

Visa says it will eventually pay $4.1 billion and Mastercard are going to pay about $900 million. Both companies say they've already schedule money to pay the payment.

A selection of 19 merchants and trade groups alleged Visa and MasterCard conspired to correct fees that happen to be charged to stores to handle plastic card payments. Tuesday's settlement covers the monetary claims in the lawsuit.

 
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