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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 andrew.r.johnson@dowjones.com

Stock News for Wells Fargo (WFC)
DateTimeHeadline
08/28/201514:09:47Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/28/201514:07:37Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/28/201512:25:58Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/28/201511:56:02Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/27/201510:57:24Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/27/201510:00:00Wells Fargo Eyes Metro Park for New Commercial Hub in Central...
08/26/201519:31:00Margin Calls Bite Investors, Banks
08/25/201522:20:00USA Discounters Seeks Bankruptcy Protection
08/25/201513:00:00Wells Fargo Creates ‘Steps to Better Banking’
08/25/201512:58:00Covidien, Dow Corning, and Hilton Worldwide Are 2015 AFP Pinnacle...
08/25/201511:24:33Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/25/201509:48:00Covidien, Dow Corning, and Hilton Worldwide Are 2015 AFP Pinnacle...
08/25/201508:00:00John Coad Named National Sales Manager for Wells Fargo SBA Lending
08/24/201511:05:00Wells Fargo Securities Research and Economics Group Adds Three...
08/21/201517:27:22Current Report Filing (8-k)
08/20/201516:00:00Wells Fargo & Company Declares Cash Dividends on Preferred Stock
08/20/201514:15:10Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/20/201511:31:01Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/20/201508:30:00Wells Fargo Insurance Brokers Win Business Insurance Magazine...
08/20/201507:45:00Wells Fargo, No Barriers Warriors Join Forces with Zac Brown...

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