Visa Inc. and Mastercard Inc. have agreed to pay a combined $197.5 million to settle a decade‑long class‑action lawsuit that accuses the two card networks of inflating ATM access fees for consumers and merchants. The settlement, filed on December 18, 2025, requires Visa to contribute approximately $104.6 million and Mastercard to contribute about $92.9 million, with the remaining balance distributed to the class members.
The $197.5 million settlement specifically addresses claims involving bank‑operated ATMs, covering fees paid between October 1, 2007 and July 26, 2024. A separate lawsuit involving independent, non‑bank ATMs has a different settlement amount and is still pending. Both Visa and Mastercard have consistently denied any wrongdoing, stating that the settlement was reached to avoid the costs and uncertainties of prolonged litigation.
While the payout is sizable, it represents a small fraction of each company’s annual revenue—Visa’s 2023 revenue was $32.7 billion and Mastercard’s was $25.1 billion—making the outflow manageable within their overall financial profiles. The settlement also includes a legal‑fee provision that allows plaintiffs’ attorneys to receive up to 30% of the fund, with the court awarding $49.4 million in fees.
This resolution is part of a broader antitrust saga that includes a $66.7 million settlement with banks and ongoing litigation from independent ATM owners and a U.S. Department of Justice antitrust case over debit‑card market dominance. The payout is expected to be distributed between December 2025 and April 2026, following final court approval on June 20, 2025.
The settlement underscores the regulatory scrutiny Visa and Mastercard face over network rules that critics argue restrict competition and keep ATM fees high. By resolving the bank‑operated ATM claims, the companies aim to mitigate further legal exposure while maintaining their global payment network operations.
The settlement’s impact on the companies’ financial statements will be reflected as a cash outflow and a related liability in the period in which the court approval is finalized, but it is unlikely to materially alter their long‑term earnings trajectory or strategic outlook.
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