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Visa and Mastercard Face $167.5M Settlement Over ATM Fee Restrictions
A proposed $167.5 million settlement between Visa and Mastercard is nearing its deadline, with eligible consumers set to file claims for a share of the payout.
The lawsuit, Burke v. Visa Inc., was filed in 2011 by independent ATM operators who claimed that Visa and Mastercard rules restricted their ability to charge lower fees when transactions were processed through competing networks.
Visa is slated to pay $88.775 million, while Mastercard will contribute $78.725 million to the settlement fund, which will be used to compensate those affected by the alleged fee restrictions.
The deadline for filing claims is February 10, 2027, with a court hearing scheduled for February 17, 2027, to determine whether the settlement will be approved.