Visa, Mastercard Reach $198 Million Deal in ATM Antitrust Case

Visa Inc. and Mastercard Inc. agreed to pay $197.5 million in a preliminary settlement with ATM customers who accused the card processors of fixing the price of fees at automated teller machines.

The settlement, which was filed by plaintiffs on Wednesday and is subject to court approval, marks the end of litigation stretching back more than a decade. The accord follows a separate $66.7 million deal agreed to by JPMorgan & Chase Co., Wells Fargo & Co., and Bank of America Corp. in 2021 over similar allegations of fixing ATM prices.

“The proposed Settlement, if finally approved, will resolve all of Plaintiffs’ claims against the Network Defendants and will bring this longstanding and hard-fought case to a close,” the plaintiffs said in court filings on Wednesday.

The agreement comes after the US Supreme Court last month denied a request to review class certification in the case.

See Earlier: Visa, Mastercard Lose High Court Bid to Review ATM Pricing Case

Visa agreed to pay 53% of the settlement amount, or $104.7 million, while Mastercard would pay the other $92.8 million.

If the deal is approved, the money could be split by an estimated 175 million to 215 million people in the settlement class, covering anyone who used an ATM in the US from October 2007 to the time the settlement is approved — or more than half the population of the US.

Visa and Mastercard own and operate networks that allow consumers to withdraw cash from their bank accounts using ATMs. The companies were first accused in 2011 of fixing ATM prices and suppressing competition from ATMs of different brands. Separate cases from ATM owners and others are still pending.

Visa and Mastercard separately reached a deal with merchants in March to end litigation and cap credit-card swipe fees.

Visa and Mastercard weren’t immediately available for comment late on Wednesday.

The plaintiffs are represented by firms including Hagens Berman Sobol Shapiro LLP, Quinn Emanuel Urquhart & Sullivan LLP, and Mehri & Skalet PLLC. Visa is represented by Arnold & Porter Kaye Scholer LLP. Mastercard is represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP.

The case is Mackmin v. Visa Inc., D.D.C., No. 1:11-cv-01831, 5/29/24.