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Visa and Mastercard offer $197 million for ATM lawsuit

Payment giants Visa and Mastercard agreed to pay $197 million to settle a lawsuit accusing them of keeping ATM fees artificially and deliberately high.

The class-action lawsuit accuses the companies of charging unnecessary, artificially and knowingly high fees to Americans withdrawing money from ATM machines.

Visa agreed to pay $104.6 million in the settlement and Mastercard agreed to pay $92.8 million, according to court documents accessed by Reuters. The agreement must be approved by the court.

The proposal was made in April after the U.S. Supreme Court rejected an appeal by card companies challenging the lower court's decision. Previously, in 2021, Bank of America, JPMorgan Chase and Wells Fargo resolved compensation claims of $ 66 million.

Visa and Mastercard are currently facing two related class-action lawsuits, one from consumers using non-bank ATMs and the other from companies that own standalone cash machines. It is a matter of curiosity how the cases will conclude.

We will continue to share with you any developments on the subject.


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