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Visa and Mastercard previously reached a $7.25 billion
settlement with the merchants in the case, but that deal was
thrown out by a federal appeals court in 2016 and the U.S.
Supreme Court last year refused to revive it.
The deal had been the largest all-cash U.S. antitrust
settlement, although its value shrank to $5.7 billion after
roughly 8,000 retailers opted out.
The card issuers named in the class-action lawsuit include
JPMorgan Chase & Co <JPM.N>, Citigroup <C.N> and Bank of America
<BAC.N>.
The lawsuit, brought on behalf of about 12 million retailers and
dating back more than a decade, accuses the credit card
companies of violating federal antitrust laws by forcing
merchants to pay swipe fees and prohibiting them from directing
consumers toward other methods of payment.
In rejecting the earlier settlement, which was opposed by
retailers including Amazon.com Inc <AMZN.O>, Costco Wholesale
Corp <COST.O> and Walmart Inc <WMT.N>, a federal appeals court
found that the accord was unfair because some retailers would
receive little or no benefit.
The card companies have already paid $5.3 billion and will now
pay an additional $900 million.
Mastercard will pay an additional $108 million from funds set
aside in the second quarter, the company said https://reut.rs/2OA2V0i.
Visa's share represents around $4.1 billion, which the company
expects to pay using funds previously deposited with the court,
and from a litigation escrow it set up on June 28.
The settlement must still be approved by a court.
(Reporting By Aparajita Saxena in Bengaluru and Brendan Pierson
in New York; Editing by Sriraj Kalluvila)
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