Payments News


Visa, Mastercard Reach $6.2 Billion Settlement on Swipe Fees

Visa Inc. and Mastercard Inc. agreed to pay as much as $6.2 billion to end a long-running price-fixing case brought by merchants over card fees, the largest-ever class action settlement of an antitrust case. The total is in line with sums the two companies previously set aside to cover the costs of the litigation, including $5.3 billion already held by the court and an additional $900 million reserved earlier this year, as the two sides drew closer to an agreement. They’ll pay between $5.54 billion and $6.24 billion, according to a filing Tuesday.”