Visa, MasterCard Resolve Suits Over Foreign Fees

Law360, New York (July 27, 2006, 12:00 AM EDT) -- Visa USA, MasterCard Inc. and a number of banks have agreed to shell out $336 million to resolve consumer antitrust suits over charges for foreign transactions.

Two law firms announced the deal Wednesday, which awaits approval by the U.S. District Court for the Southern District of New York.

"Settlement was reached following years of litigation, after extensive negotiations and with the assistance of a mediator," said the consumers' attorneys, Berger & Montague in Philadelphia and San Diego-based Lerach Coughlin Stoia Geller Rudman & Robbins.

Visa will...
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