Visa and Mastercard have settled a class action lawsuit for $199.5m, accused of imposing fraud-related costs on merchants in 2016. The settlement awaits court approval. The lawsuit alleged that changes in chargeback rules led to increased costs for businesses without lowering transaction fees.

Under the settlement, Visa will pay $119.7m and Mastercard $79.8m, while Discover and American Express settled for $32.2m. All companies deny wrongdoing. This follows a $5bn agreement in 2019 over credit and debit card fees. London’s tribunal ruled Visa and Mastercard’s interchange fees violate UK and Irish competition law.

In July, a US judge dismissed a lawsuit against Apple, Visa, and Mastercard, alleging anti-competitive practices. Plaintiffs failed to provide sufficient evidence, with the judge calling their case reliant on circumstantial allegations. Visa and Mastercard are set to pay $199.5m to settle a merchant lawsuit over fraud-related costs.

Read more at Yahoo Finance: Visa, Mastercard to pay $199.5m to resolve merchant lawsuit-report