Visa, Mastercard Are Close to Swipe-Fee Agreement

Visa Inc. and Mastercard Inc. are getting close to settling a 13-year-old lawsuit over fees charged when merchants accept card payments, according to a person familiar with the agreement. The two card companies and banks including JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. would pay merchants about $6.5 billion under the terms of the settlement, the person said, asking not to be identified because the deal hasn’t been made public. The lawsuit, brought on behalf of 12 million merchants nationwide, was filed more than a decade ago.