Credit Card Cos., State Reach $16M Antitrust Accord

Law360, New York (January 16, 2008, 12:00 AM EST) -- Visa Inc. and MasterCard Worldwide have reached a $16.2 million settlement with West Virginia's attorney general, ending an antitrust and consumer protection action alleging that the companies forced retailers to accept excessive debit card fees, leading to price hikes for consumers.

In statements issued Wednesday, Visa said it has agreed to pay the state of West Virginia $12.8 million, and MasterCard said it will pay $3.4 million.

Approximately $12.1 million of the settlement funds will be put in a trust account to provide tax relief for...
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