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.