Visa and Mastercard Settle ATM Fee Conspiracy Lawsuit for $167.5 Million

Visa and Mastercard have agreed to a $167.5 million settlement over a lawsuit alleging they conspired to maintain high ATM access fees. The settlement, affecting millions of ATM users, requires court approval and follows similar past settlements by both companies, as well as several banks.

Visa and Mastercard will pay a total of $167.5 million to resolve allegations that they collaborated to keep ATM access fees artificially high. The settlement, pending court approval, aims to compensate millions of ATM users who faced non-bank ATM access fees without reimbursement.

According to the terms, Visa will contribute around $88.8 million while Mastercard will pay approximately $78.7 million to a settlement fund. This compensation covers qualifying ATM transactions since October 2007. The companies and consumer attorneys have not yet commented on the proposal.

The lawsuit, filed in 2011, is part of three related cases that challenge industry rules allegedly blocking independent ATM operators from offering lower prices. This new settlement follows previous settlements by Visa, Mastercard, and banks related to similar claims.

(With inputs from agencies.)