Visa, Mastercard to pay US$167.5 million in ATM user fee settlement [BNN Bloomberg (Canada)]
Mastercard Incorporated (MA)
Last mastercard incorporated earnings: 4/29 08:00 am
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Source: BNN Bloomberg
The proposed settlement was filed on Thursday in the federal district court in Washington and requires a judge's approval. The accord would pay potentially millions of ATM users who were charged an unreimbursed access fee to withdraw cash from independent, non-bank ATMs. Visa would contribute about $88.8 million and Mastercard about $78.7 million to a settlement fund. The money would be distributed to eligible customers with qualifying ATM transactions made since October 2007. Visa and Mastercard and lead attorneys for the consumers did not immediately respond to requests for comment. The lawsuit, one of three related cases in the D.C. federal court, was filed in 2011. Consumers challenged industry rules by Visa and Mastercard that allegedly blocked independent ATM operators from offering lower prices. Visa and Mastercard denied any wrongdoing. The two companies last year agreed to pay $197.5 million to resolve related claims from a different group of ATM users who claime
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