B of A's Portion of Swipe-Fee Settlement Is $738 Million

Published August 02, 2012, 6:13 p.m. EDT

Updated August 02, 2012, 5:13 p.m. EDT

1 Min Read

Bank of America Corp. said it will contribute a total of $738 million to settle a price-fixing case brought by retailers over credit-card swipe fees.

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The lender agreed to pay $199 million in cash for claims related to MasterCard Inc. in addition to $539 million that Visa Inc. previously deposited into a litigation escrow fund, the Charlotte, N.C.-based bank said Aug. 2 in a regulatory filing.

Visa, MasterCard and some of the largest U.S. banks agreed last month to pay merchants $6.6 billion and temporarily reduce interchange fees to settle the antitrust lawsuit in federal court in Brooklyn, N.Y.

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