(Reuters) – Visa Inc, Mastercard Inc, and a number of banks on Tuesday agreed to pay $6.2 billion (4.7 billion pounds) to settle a long-running lawsuit brought by merchants over the fees they pay when they accept card payments.
The card issuers named in the class-action lawsuit include JPMorgan Chase & Co, Citigroup and Bank of America.
Mastercard will pay an additional $108 million from funds set aside in the second quarter, the company said https://reut.rs/2OA2V0i.
Visa’s share represents around $4.1 billion, which the company expects to pay using funds previously deposited with the court, and from a litigation escrow it set up on June 28.
The deal must still be approved by a judge.
(Reporting By Aparajita Saxena in Bengaluru and Brendan Pierson in New York; Editing by Sriraj Kalluvila)