Visa and Mastercard Consumers Seek Approval for $197.5M Class Settlement

Mastercard and Visa, which are accused of essentially setting a price floor for all ATM access fees throughout the country, reached an agreement with consumers on May 2. In a motion for preliminary approval, plaintiffs Andrew Mackmin and Sam Osborn told the court that the proposed deal is an “excellent result” for the settlement class and, along with the $66.74 million deal the consumers reached with Bank of America and other financial institutions in 2020, would mark the end of the nearly 13-year-old litigation.

The settlement class’s total recovery of $264.24 million between the two settlements represents between 23.1% and 38.2% of the maximum single damages they might have recovered at trial, the motion states. The plaintiffs argued that this rate of recovery is exceptional, particularly for antitrust class actions, and falls comfortably within the range of reasonableness warranting preliminary approval. They highlighted the uncertainties, risks, and delays associated with proceeding to trial, suggesting that the settlement would deliver immediate and assured relief.