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Visa, Mastercard reach $6.2 billion settlement over card-swipe fees

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Visa, Mastercard reach $6.2 billion settlement over card-swipe fees
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(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

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)

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