Visa, Mastercard agree to pay combined $167.5m in ATM fee lawsuit

Core Viewpoint - Visa and Mastercard have agreed to a combined payment of $167.5 million to resolve a class action lawsuit regarding ATM access fees, pending judicial approval [1][2]. Group 1: Settlement Details - Visa will contribute approximately $88.8 million, while Mastercard will provide nearly $78.7 million to a fund for eligible users with qualifying ATM transactions dating back to October 2007 [2]. - The settlement aims to benefit potentially millions of individuals who incurred unreimbursed access fees for cash withdrawals at independent, non-bank ATMs [1]. Group 2: Legal Context - The lawsuit was filed in 2011 and is one of three related lawsuits in the D.C. federal court [2]. - Consumers challenged the industry rules of Visa and Mastercard, which allegedly hindered independent ATM operators from offering lower prices [3]. - Both companies have denied any wrongdoing in relation to the lawsuit [3]. Group 3: Related Legal Matters - In 2024, Visa and Mastercard agreed to pay $197.5 million to settle claims from another group of ATM users who claimed they were overcharged at bank-operated ATMs [3]. - A third related lawsuit involving independent ATM owners and operators remains unresolved in the same court [4]. - Visa is also facing other antitrust actions, including a case from the US Justice Department accusing it of monopolizing the US debit card market [5].