In the latest version of the suit from 2015, the plaintiffs claimed that the financial companies, including Visa, Mastercard, Bank of America, Chase Bank, and Wells Fargo, made unlawful agreements that effectively set a price floor for all ATM access fees throughout the country, depriving consumers of the benefits of natural price competition.
In October 2020, the consumers reached a $66.7 million settlement with the bank defendants, including payments from Bank of America, Wells Fargo, and Chase, which they described as an excellent result for the proposed class. In March 2022, settlement class counsel asked for more than $20 million in fees for the over 30,500 hours invested in the litigation, along with $10 million in litigation expenses. Despite objections from a class member regarding the fee request, U.S. District Judge Richard J. Leon granted final approval of the deal and the fee request in August 2022.
In their motion for preliminary approval of the Visa and Mastercard settlement, the consumers noted that the proposed settlement followed an all-day mediation session in March, which resulted in a term sheet and was finalized on May 2. They emphasized that their damages expert calculated a “low” estimate of $691.9 million, a “middle-range” estimate of $858.8 million, and a “high” estimate of $1.14 billion, making the $197.5 million settlement significant given the risks of continued litigation.
