Visa Mastercard settlement overview:
- Who: Visa and Mastercard agreed to a $197.5 million settlement.
- Why: Consumers accused Visa and Mastercard of ATM price-fixing.
- Where: The Visa and Mastercard settlement came in federal court in the District of Columbia.
Consumers reached a $197.5 million settlement with Visa and Mastercard over ATM price-fixing claims.
The settlement comes after $66.74 million in previously approved settlements with Chase, Wells Fargo and Bank of America.
The lawsuit alleged the banks colluded to set prices for ATM fees nationwide.
The plaintiffs say the Visa and Mastercard settlement represents between 17.3% and 28.5% of the total damages that could be received if the plaintiffs prevailed at trial. The total settlement amounts from both cases is between 23.1% and 38.2% of single damages that could potentially be received.
“This is an exceptional rate of recovery, particularly for antitrust class actions, falling comfortably ‘within the range of reasonableness’ warranting preliminary approval,” the settlement notice says. “Were this case to proceed to trial, the settlement class could receive substantially less, or even nothing, despite more than a decade of litigation.”
Settlement ‘excellent result’ for class; 100M to receive email notices
The settlement class, which could be between 175 million and 215 million consumers, includes those who “paid an unreimbursed ATM access fee directly to any bank defendant or alleged bank co-conspirator for a foreign ATM transac!on using an ATM card issued by a financial institution in the U.S. to withdraw cash at an ATM located in the U.S. at any !me from Oct. 1, 2007 to the date of the preliminary approval order,” according to settlement documents.
Proposed settlement administrator A.B. Data will send individual email notices to settlement class members, according to the settlement.
Have you been charged high ATM fees for using a Visa or Mastercard? Let us know in the comments.
The plaintiff is represented by Steve W. Berman, Ben M. Harrington and Benjamin J. Siegel of Hagens Berman Sobol Shapiro LLP; Adam B. Wolfson and Viola Trebicka of Quinn Emanuel Urquhart & Sullivan LLP; and Steven A. Skalet of Mehri & Skalet PLLC.
The Visa and Mastercard lawsuit settlement is Mackmin, et al. v. Visa Inc., et al., Case No. 1:11-cv-01831-RJL-MAU, in the U.S. District Court for the District of Columbia.
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276 thoughts on$197.5M Visa, Mastercard settlement to resolve ATM price-fixing claims
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I also found ATM DOUBLE my withdraw, which means a $500 withdraw taken $1000 from my bank. Or money didn’t came out but my account got charged.
Plz add me
Everytime I use a card I get card for the transaction whether I use my banks atm or not. It should be illegal and fraudulent to the people that use the cards. Yes they should have to pay the consumer for their greed and taking advantage of all humanity that use them. And it should go back to the beginning when they received their card.
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I’ve been charged for ATM fees. Those fees are high
Yes, I would like to be included.
Add me please
I would like to be added to the ATM price fixing. I have been charged high prices at the ATM.