Visa, Mastercard Ink $200 Million Deal in Charge-Liability Suit

Visa Inc. and Mastercard Inc. reached a $199.5 million deal to settle claims in a suit brought by merchants who allege the companies adopted a policy that shifted billions of dollars in liability to them for fraudulent charges.

Under the Oct. 10 proposed deal, Visa will pay $119.7 million while Mastercard will pay $79.8 million.

The two card companies operate as the largest payment networks, controlling trillions of dollars worth of transactions globally. Discover Financial Services and American Express Co. previously settled claims in the case for a total of $32.2 million, bringing the common fund to $231.7 million.

The ...