Visa, Mastercard to pay $167.5 million in ATM user fee settlement​

Visa and Mastercard have agreed to a $167.5 million settlement to resolve a class action lawsuit accusing them of conspiring to maintain artificially high ATM access fees. The proposed settlement, filed in federal court, requires judicial approval and would provide funds to millions of ATM users who were charged unreimbursed fees at independent, non-bank ATMs for transactions made since October 2007. Visa will contribute approximately $88.8 million, while Mastercard will contribute around $78.7 million to the settlement fund.

The lawsuit, initially filed in 2011, alleged that Visa and Mastercard’s industry rules prevented independent ATM operators from offering lower prices. Both companies deny any wrongdoing. This settlement follows a previous $197.5 million agreement to resolve claims from users overcharged at bank-operated ATMs and a $66 million settlement with several banks.

Plaintiffs’ attorneys have hailed the settlement as a positive outcome, seeking up to 30% of the fund—approximately $50 million—in legal fees. A separate lawsuit brought by independent ATM owners and operators remains pending, and Visa is also facing an antitrust lawsuit from the U.S. Justice Department regarding its alleged monopolization of the U.S. debit card market.

(Source：CNBC)