Visa, Mastercard and several U.S. banks agreed to the largest antitrust settlement in history Tuesday.
The companies will pay $6.2 billion altogether in a class action lawsuit over what are known as swipe fees.
Retailers brought forth the lawsuit in 2005. They claimed the card companies conspired to set artificially high transaction fees, benefiting banks like J.P. Morgan Chase, Citigroup and Bank of America. That move, the suit alleged, led to billions of dollars paid in excess swipe fees.
An original settlement was actually reached in 2012, but it was rejected by merchants and consumer groups and was ultimately thrown out on appeal.
The financial settlement still needs to be approved by the court, and there are other parts of the lawsuit that still need resolution.
Visa and Mastercard didn't admit to any wrongdoing in the agreement.
Additional reporting from Newsy affiliate CNN.
