Credit Card Giants Visa and Mastercard Agree to Pay $167.5M to Settle Class Action Lawsuit Over ATM Fees

Visa and Mastercard have agreed to pay $167.5 million to settle a long-running class action lawsuit alleging they conspired to keep ATM fees artificially high. The settlement will have Visa pay 53% and Mastercard pay 47% of the total amount. The lawsuit was filed in 2011 and accused the companies of blocking independent ATM operators from offering lower prices. A third lawsuit against the companies is still pending.