Visa, Mastercard in new settlement of credit-based card fee suit

NEW YORK — Visa and Mastercard said Tuesday they should pay $6.2 billion to settle element of a long-running lawsuit through merchants over fees on credit card transactions.

Visa says it’s going to pay $4.1 billion and Mastercard pays about $900 million. The two companies say they've already set-aside money to pay the payment.

A selection of 19 merchants and trade groups alleged Visa and MasterCard conspired to solve fees which are charged to stores to handle credit-based card payments. Tuesday's settlement covers the monetary claims from the lawsuit.

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