Mastercard and Visa Pay $197 Million to Settle ATM Suit

Visa and Mastercard will pay $197 million to end a class action suit centered on ATM fees.According to court papers filed Wednesday (May 29), the two payments giants have agreed to settle the case, brought by consumers who withdrew cash from bank-operated ATMs, and who accused the companies of anti-competitive behavior by agreeing to control ATM prices and hinder competition between ATM networks.Writing in the court filing, the plaintiffs’ lawyers called the settlement “an excellent result” for their client ...