Card Giants to Pay $6 Billion

The settlement also requires Visa and MasterCard to change policies on 'swipe fees' that merchants must pay when accepting credit cards.Visa Inc.andMasterCard Inc.agreed late Friday to pay retailers $6 billion to settle a price-fixing lawsuit that alleged they overcharged companies billions of dollars in credit-card transaction fees.

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Visa, MasterCard and some of the largest banks in the country have agreed to pay more than $6 billion to settle a lawsuit that claimed they conspired to fix credit card payment fees. The suit was brought on behalf of seven million merchants. The agreement could have wide-ranging implications for retailers and consumers. Steve Henn talks to Melissa Block.

Credit card giants Visa, Mastercard and other financial institutions agreed Friday to pay some $6.6 billion to merchants which had sued them over card-use fees.The negotiated settlement of the seven-year-old case also requires the card issuers to cut their fees for a limited period that could give the merchants another $1.2 billion in relief, according to the companies.

Visa, MasterCard and major banks agreed Friday to pay at least $6 billion to settle a lawsuit brought by retailers. A banking industry trade group said the settlement would allow stores to charge customers more to pay with a credit card.

Credit card giants Visa and MasterCard are to pay out about 1.1 billion dollars to merchants across the United States as part of an antitrust settlement, lawyers said Tuesday.The settlement was the largest of its kind in the United States and will see payments going out by mail to approximately 634,000 retailers.

NEW YORK (Reuters) - MasterCard Inc and Visa Inc said they agreed to pay credit card issuer and network Discover Financial Services Inc a total of $2.75 billion to settle a lawsuit over anti-competitive practices.

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