PURCHASE, N.Y. – MasterCard agreed to pay Discover Financial Services $862.5 million and Visa has agreed to pay Discover $2.5 billion to settle an antitrust suit Discover brought against the two card giants.
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The settlement comes about five months after the two card companies agreed to pay American Express $4.5 billion to settle a similar antitrust suit.
The settlement comes after a federal court ruled the two card companies violated federal antitrust laws by a since-eliminated bylaw that prohibited issuers of either MasterCard or Visa cards form issuing competitors’ cards.
Discover, the parent of the Pulse EFT network, was spun off last year from Morgan Stanley.
