POST Online Media Lite Edition


Visa, Mastercard reach $6.2 billion settlement over card-swipe fees

Staff Writer |
Mastercard has reached an agreement to settle monetary damages claims in the U.S. merchant class-action litigation.

Article continues below

The agreement formalizes prior discussions and has been executed by all of the defendants – including Mastercard, Visa and a number of banks – and the court-appointed class counsel for the merchants.

The settlement is an amendment to the financial terms of the 2012 Class Settlement Agreement and will be filed with the court seeking approval.

The company recorded a $210 million charge in its second-quarter 2018 financial statements, which will cover the financial obligation under this agreement and for estimated liabilities related to filed and anticipated opt-out merchant cases.

What to read next

Visa, MasterCard to pay $3.8bn deposit to work in Russia
Visa Inc. completes acquisition of Visa Europe
MasterCard to move payment processing to Russia