Update include more lawsuit details.
MasterCard (MA Quote) plans to pay $335 million by the end of the third quarter to pay off the rest of its settlement of a class action suit alleging the electronic payments company violated federal antitrust regulations.
The Purchase, N.Y.-based company settled the suit in June 2003 with a number of U.S. merchants that took issue with certain antitrust aspects of the payment card industry. Under the settlement, MasterCard was required to pay $125 million in 2003 and $100 million annually each December from 2004 through 2012.
Retailers, including Wal-Mart Stores (WMT Quote), brought an antitrust suit against MasterCard and Visa (V Quote) in 1996. They claimed that the associations violated antitrust laws by "tying acceptance of debit to [the] acceptance of credit [cards]," MasterCard said in an old release. ...
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