Three US banks have agreed to pay US$66.7 million to settle consumer antitrust claims alleging a conspiracy to fix ATM charges, say plaintiffs’ lawyers seeking preliminary approval of the deal.
In a court filing in the US District Court for the District of Columbia, lead class lawyers at Hagens Berman Sobol Shapiro, Quinn Emanuel Urquhart & Sullivan and Mehri & Skalet said Bank of America agreed to pay US$26.4 million, Wells Fargo will pay US$20.8 million, and JPMorgan Chase & Co will pay US$19.5 million.
Only the bank defendants have agreed to the proposed settlement resolving consumer claims brought in 2011 that they overpaid surcharges levied on certain transactions at bank-operated ATMs, the plaintiffs’ lawyers said.
Defendants Visa and MasterCard are contesting a class certification order, and the companies’ appeal is pending in the US Court of Appeals for the DC Circuit.
Lawyers for Visa, represented by Arnold & Porter Kaye Scholer, and MasterCard, represented by Paul, Weiss, Rifkind, Wharton & Garrison, also didn’t immediately return messages seeking comment.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
FCC Votes to Restore Net Neutrality Rules
Apr 25, 2024 by
nhoch@pymnts.com
Apple Rejects Spotify’s Updated App Over In-App Pricing Disclosure
Apr 25, 2024 by
CPI
FCC Set to Reinstate Net Neutrality Rules Today
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI