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Visa, Mastercard Settlement Includes $6.05 Billion in Cash Payments for Alleged Past Damages -Merchant Attorneys

By Andrew R. Johnson Merchants reached a $7.25 billion settlement with Visa Inc. (V), MasterCard Inc. (MA) and several large banks in long-standing antitrust lawsuits brought by hundreds of merchants over credit-card processing fees. The settlement will include more than $6 billion in cash payments from the defendants, as well as a temporary reduction in the fees merchants pay on each card swipe worth an estimated $1.2 billion, according to Robins, Kaplan, Miller & Ciresi LLP, one of the law firms representing merchants in the case. The deal potentially puts to rest a lengthy legal battle that has raged on for seven years and been an overhang on Visa's and MasterCard's shares. The litigation predates the initial public offerings of both companies. Visa's shares were up 1.7% at $126.18 and MasterCard's shares were up 1.4% at $435.38 after hours on Friday. Analysts for months have predicted the companies would reach a settlement before a September trial date. Discussions between the card networks and plaintiffs, which include grocery-store chains Kroger Co. (KR) and Safeway Inc. (SWY) and numerous small businesses, have occurred over the last year. The litigation in U.S. District Court in Brooklyn includes more than 50 consolidated lawsuits that date as far back as 2005. In them, merchants argue that Visa, MasterCard and the banks that issue their cards conspire to set fees, known as interchange, that retailers pay each time a customer pays with a card. Those fees, long a thorn in the side of merchants, are set by Visa and MasterCard but collected by banks like Bank of America Corp. (BAC), J.P. Morgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) as revenue. -Write to Andrew R. Johnson at [email protected]

Stock News for Wells Fargo (WFC)
DateTimeHeadline
03/23/201715:54:43Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
03/23/201708:00:00Wells Fargo/Gallup Survey: U.S. Investor Optimism Rises to Highest...
03/22/201712:44:15Current Report Filing (8-k)
03/22/201712:40:43Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
03/21/201717:15:28Additional Proxy Soliciting Materials (definitive) (defa14a)
03/21/201716:56:00Fed's Dudley Cites Wells Fargo Scandal in Call to Change Banking...
03/21/201715:54:00Wells Fargo Digs Deeper Into Its Culture Issues
03/21/201715:23:00Wells Fargo CEO Tim Sloan Announces Six New Long-Term Goals and...
03/21/201711:46:45Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
03/20/201714:59:00Correction to Wells Fargo Accounts Story
03/20/201714:00:00Wells Fargo's Checking Account and Credit-Card Openings Keep...
03/20/201713:09:00Wells Fargo's Checking Account and Credit-Card Openings Keep...
03/20/201711:31:35Current Report Filing (8-k)
03/20/201711:30:00Wells Fargo Reports February Retail Banking Customer Activity
03/17/201714:39:43Statement of Changes in Beneficial Ownership (4)
03/17/201714:30:03Statement of Changes in Beneficial Ownership (4)
03/17/201714:15:21Statement of Changes in Beneficial Ownership (4)
03/17/201714:00:04Statement of Changes in Beneficial Ownership (4)
03/17/201713:51:41Statement of Changes in Beneficial Ownership (4)
03/17/201713:30:22Statement of Changes in Beneficial Ownership (4)

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