Visa and Mastercard to pay $1.675bn to settle US ATM fee litigation #
Visa and Mastercard have agreed to pay $1.675bn to settle long-running US antitrust litigation related to ATM access fees charged to cardholders. The settlement resolves claims that the two card networks and several major banks colluded to fix ATM fees, limiting competition and increasing costs for consumers. The agreement still requires court approval
Under the settlement, Visa will pay $1bn and Mastercard $675m, without admitting wrongdoing. The case focused on fees charged when customers use ATMs outside their own bank networks, an area that has drawn regulatory and legal scrutiny for years. While the settlement brings closure to a significant legal dispute, the card networks said it will not require changes to their current ATM fee practices.