MasterCard has agreed to pay UK supermarket chain Tesco $61m to settle a dispute over credit card interchange fees.
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Tesco was one of the 20 UK retailers that filed a lawsuit against the company over historic overpayment of anti-competitive interchange fees.
MasterCard CFO Martina Hund-Mejean was quoted by Bloomberg as saying: "We have been settling with Tesco, which is the largest merchant claimant in this litigation. We are pleased that that is behind us."
A spokesperson from Tesco said: "These proceedings have now been settled and discontinued on mutually acceptable terms."
In July 2015, EU anti-trust regulators also issued a formal statement of objections against MasterCard for artificially inflating fees and over-charging retailers for purchases made by non-EU cardholders.
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By GlobalData
