Bank of America Pays $738M in Merchant Lawsuit

Eiko and her credit card (Photo credit: eikootje)

According to Bloomberg, Bank of America Corporation(BAC) will shell out $738 million as compensation to retailers for a lawsuit alleging the company, along with other card companies, of charging excess debit and credit card fees. This forms a part of the largest antitrust litigation settlement in the U.S. history.

Back in 2005, about 7 million merchants had charged card companies and several big banks with fixing prices and unduly increasing processing or interchange fees on transactions made through debit and credit cards. The settlement is aimed to resolve this multi-state U.S. merchant lawsuit.  

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