MasterCard Pays Off Settlement with $335 Million

That's less than what Visa has paid ($340,000,000) on a monthly basis, over the last 15 months, into their Litigation Escrow Fund.  Plus they save $65 million for paying it off early.  In these antitrust matters, MasterCard is usually found guilty by association.  Of the two, that make up the Dynamic Duopoly, I think that we might see them take a leading role in focusing on security.  This is based on the recent announcement that Level 2 Merchants need  to be assessed by a QSA 

Here's a blurb from "The Street" which is reporting that they'll pay off the remaining $400 million balance with a $335m  lump payment at the end of Q3...

MasterCard (MA Quote)plans to pay $335 million by the end of the third quarter to pay offthe remainder of a six-year-old class action suit alleging theelectronic payments company violated federal antitrust regulations.

The Purchase, N.Y.-based company settled a class action lawsuit in June2003 with a number of U.S. merchants that took issue with certainantitrust aspects of the payment card industry. Under the settlement,MasterCard was required to pay $125 million in 2003 and $100 millionannually each December from 2004 through 2012.
The company said in a Securities and Exchange Commission filingon Thursday that it had entered into an agreement the prior day thatwould allow for MasterCard to prepay its obligations of the remaining$400 million at a discounted amount of $335 million on Sept. 30.


Continue Reading at "The Street"