Mastercard and Visa will pay a combined $167.5 million to settle a class-action lawsuit initiated in 2011.
The suit accused the payment giants of conspiracy. Specifically, the plaintiffs alleged the companies enforced rules that kept access fees artificially high for consumers using independent, non-bank ATMs.
The proposed settlement awaits court approval. Under the terms, Mastercard contributes approximately $78.7 million to the compensation fund, which will compensate millions of affected ATM users.
This agreement resolves one of three related legal cases concerning ATM fee structures. Separately, several banks involved in the broader litigation settled for $66 million in 2021.