Visa, along with Master Card and several Banks, agreed to pay $6.2 billion to end more than a decade of litigation with US merchants over card fees.
The lawsuit on credit card fees lasted more than 10 years and involved 12 million U.S. merchants.
Visa and Master Card reached a $7.25 billion settlement with the merchants in the lawsuit, but the appeals court judge did not approve the transaction in 2016. The U.S. Supreme Court upheld the ruling last year.
As a result, Visa and Master Card must negotiate another settlement agreement with the merchant’s representative.
The two sides announced in Tuesday to reach the above-mentioned new settlement agreement. However, Visa and MasterCard had transferred a $5.3 billion settlement fund at the time of the last settlement, so the deal was only to pay an additional $900 million.
The latest settlement will still have to be approved by a court judge. Other parties involved in the settlement include JP Morgan, Citibank and bank of America.