Mastercard and Visa Agree to $199.5M Settlement in Merchants’ Class Action

Visa (V.N), and Mastercard (MA.N), have agreed to pay a combined $199.5 million to settle a nearly decade-old class action that accused them of forcing merchants to swallow some of the costs of fraudulent transactions involving counterfeit, lost, or stolen cards.

A proposed settlement, was filed on Friday in the federal court in Brooklyn, and requires approval from Chief U.S. District Judge Margo Brodie.

Read more at Reuters