Visa and Mastercard settle consumer ATM fee lawsuit for $197 million

From Investing.com: 2024-05-29 16:37:51

Visa and Mastercard agree to pay $197 million to settle class action accusing them of keeping cash access fees artificially high. Consumers who used bank-operated ATMs since 2007 are involved. Two related class actions pending in D.C. federal court. Visa to pay $104.6 million, Mastercard to pay $92.8 million. Defendants deny wrongdoing.

Plaintiffs’ attorneys say settlement will deliver “immediate and assured relief.” Consumers in three cases allege Visa and Mastercard caused them to pay higher access fees. Plaintiffs sought damages of over $9 billion. U.S. Supreme Court rejected Visa and Mastercard’s appeal challenging class-action status. Proposed settlement class estimated to have 175 million members.

Consumers can object to settlement terms, including fund amount and legal fees. Visa and Mastercard also defendants in Brooklyn court case over claims of overcharging in debit and credit card transactions. Stay tuned for updates on the ongoing legal proceedings.



Read more at Investing.com: Visa, Mastercard to pay $197 million to settle consumer ATM fee lawsuit By Reuters