Visa, MasterCard to Pay $6 Billion to Settle Retailers’ Lawsuit

Visa and MasterCard agreed to pay retailers $6 billion to settle a price-fixing lawsuit that alleged they overcharged companies billions of dollars in credit card transaction fees. The agreement is believed to be the largest settlement ever of a private antitrust case, according to lawyers for 7 million American merchants who sued the card companies in 2005. The total value of the agreement is $7.25 billion, counting a temporary reduction in card fees.