MasterCard Sets Aside $495M For Fee Settlement

Law360, New York (February 2, 2012, 2:47 PM EST) -- Credit card giant MasterCard Inc. has booked a $495 million charge in the fourth quarter of 2011 to cover a potential settlement in long-running litigation over merchant fees for processing payments, it announced Thursday.

The Purchase, N.Y.-based company said the $495 million after-tax charge represented its portion of any potential settlement in the merchant fees litigation. On a pretax basis, MasterCard set aside $770 million.

MasterCard's announcement came as it announced better-than expected earnings for 2011's fourth quarter.

Excluding the cash set aside for a potential...
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