06:49 AM EDT, 05/30/2024 (MT Newswires) -- Visa (V) and Mastercard ( MA ) have agreed to pay $197.5 million to settle a class action lawsuit brought by consumers accusing the companies of fixing prices to keep cash access fees unnecessarily high, a filing with the US District Court for the District of Columbia showed on Wednesday.

The settlement, which is subject to a court approval, will resolve all of the plaintiffs' claims against the defendants, the filing showed.

The class action, filed in October 2011, involves millions of consumers who withdrew cash from bank-operated ATMs across the US since 2007.

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