REUTERS/Shannon Stapleton

Three U.S. banks agree to $66 million ATM antitrust deal, class counsel says

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(Reuters) – Three U.S. banks have agreed to pay $66.7 million to settle client antitrust claims alleging a conspiracy to repair ATM prices, say plaintiffs’ attorneys in search of preliminary approval of the deal.

In a court filing on Monday within the U.S. District Court docket for the District of Columbia, lead class attorneys at Hagens Berman Sobol Shapiro, Quinn Emanuel Urquhart & Sullivan and Mehri & Skalet mentioned Financial institution of America NA agreed to pay $26.4 million, Wells Fargo & Co can pay $20.8 million, and JPMorgan Chase & Co can pay $19.5 million.

Solely the financial institution defendants have agreed to the proposed settlement resolving client claims introduced in 2011 that they overpaid surcharges levied on sure transactions at bank-operated ATMs, the plaintiffs’ attorneys mentioned.

Defendants Visa Inc and MasterCard Inc are contesting a class certification order, and the businesses’ attraction is pending within the U.S. Court docket of Appeals for the D.C. Circuit.

The class attorneys and counsel for the three banks didn’t instantly return messages in search of touch upon Tuesday. Legal professionals for Visa, represented by Arnold & Porter Kaye Scholer, and MasterCard, represented by Paul, Weiss, Rifkind, Wharton & Garrison, additionally did not instantly return messages in search of remark.

The plaintiffs first filed discover of the proposed settlement in October 2020. Their renewed bid filed on Monday with U.S. District Decide Richard Leon adopted his order in August granting class certification. He directed the plaintiffs attorneys to refile the proposed settlement.

The plaintiffs urged Leon not to delay his approval of the take care of the banks regardless of the Visa and MasterCard attraction. The settlement phrases mentioned class attorneys would search up to about 33%, or $22 million, in attorneys’ charges.

The case is Mackmin v. Visa Inc, U.S. District Court docket for the District of Columbia, No. 1:11-cv-01831.

For plaintiffs: Steve Berman of Hagens Berman Sobol & Shapiro; Stephen Neuwirth of Quinn Emanuel Urquhart & Sullivan; and Steven Skalet of Mehri & Skalet

For Financial institution of America: Jessica Kaufman of Morrison & Foerster

For Wells Fargo: Daniel Ruzumna of Patterson Belknap Webb & Tyler

For JPMorgan Chase: Boris Bershteyn of Skadden, Arps, Slate, Meagher & Flom

For Visa: Matthew Eisenstein of Arnold & Porter Kaye Scholer

For MasterCard: Kenneth Gallo of Paul, Weiss, Rifkind, Wharton & Garrison

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