MasterCard to Pay About $1 Billion

MasterCard International will pay U.S. retailers about $1 billion as part of its planned settlement of a lawsuit seeking damages for its debit card policies, a source familiar with the matter said.

Under the settlement, MasterCard also agreed to reduce fees it charges retailers accepting its signature-based debit cards.

U.S. District Judge John Gleeson on Monday had barred the parties involved from revealing details as the settlement was being finalized. Details now are being given to plaintiffs.

Representatives for MasterCard and the plaintiffs declined to comment.

The move to settle the case came as jury selection was set to start in a trial that now will feature Visa USA Inc. as the sole defendant when it gets underway today.