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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
01/20/201719:54:00Wells Fargo to Present at the Credit Suisse 18th Annual Financial...
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01/19/201714:19:22Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/19/201713:25:31Statement of Changes in Beneficial Ownership (4)
01/19/201713:07:58Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/19/201711:15:43Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/19/201711:01:26Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/19/201710:55:04Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
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01/17/201717:18:22Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
01/17/201713:49:11Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
01/17/201713:43:31Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/17/201713:15:00U.S. Conference of Mayors, Wells Fargo Announce 2017 CommunityWINS...
01/17/201711:48:26Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/17/201711:41:09Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/17/201709:51:12Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/17/201706:27:34Current Report Filing (8-k)
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01/13/201716:15:00Correction to Wells Fargo Prison Story (Jan. 12)
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