Visa and Mastercard to pay $167.5m to settle lawsuit over ATM fees

Core Viewpoint - Visa and Mastercard have agreed to a $167.5 million settlement to resolve a class-action lawsuit alleging they conspired to maintain high ATM access fees [1][2]. Group 1: Settlement Details - The settlement will compensate ATM users who incurred unreimbursed access fees for cash withdrawals from independent, non-bank ATMs, with Visa contributing approximately $88.8 million and Mastercard about $78.7 million to the fund [2]. - The funds will be distributed to eligible customers who made qualifying ATM transactions since October 2007 [2]. Group 2: Legal Background - The lawsuit, filed in 2011, is one of three related cases in the DC federal court, challenging Visa and Mastercard's industry rules that allegedly prevented independent ATM operators from offering lower fees [3]. - Visa and Mastercard have denied any wrongdoing in this case [4]. Group 3: Previous Settlements and Ongoing Litigation - Last year, Visa and Mastercard agreed to pay $197.5 million to resolve claims from another group of ATM users who alleged overcharging at bank-operated ATMs [4]. - A third lawsuit involving independent ATM owners and operators is still pending in the same court [5]. - Visa is also facing other antitrust lawsuits, including one from the US Justice Department regarding alleged monopolization of the US debit card market [5].