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Signs for Mastercard and Visa credit cards are shown at the entrance to a New York coffee shop.MARK LENNIHAN/The Associated Press

Visa Inc., Mastercard Inc., and a number of banks on Tuesday agreed to pay US$6.2-billion to settle a long-running lawsuit brought by merchants over the fees they pay when they accept card payments.

The card issuers named in the class-action lawsuit include JPMorgan Chase & Co., Citigroup and Bank of America.

Mastercard will pay an additional US$108-million from funds set aside in the second quarter, the company said.

Visa’s share represents around US$4.1-billion, which the company expects to pay using funds previously deposited with the court, and from a litigation escrow it set up on June 28.

The deal must still be approved by a judge.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 28/03/24 7:00pm EDT.

SymbolName% changeLast
V-N
Visa Inc
+0.02%279.08
MA-N
Mastercard Inc
+0.76%481.57
JPM-N
JP Morgan Chase & Company
+0.39%200.3
C-N
Citigroup Inc
+0.78%63.24
BAC-N
Bank of America Corp
+0.29%37.92

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