High court dismisses case over high ATM fees

Markets Associated Press

The Supreme Court has dismissed a case it took up earlier this year involving accusations that Visa and MasterCard illegally fixed ATM prices.

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The credit card companies wanted the justices to overturn a lower court ruling that said the antitrust case could move forward. The high court agreed to hear their appeal in June.

But the justices dismissed the case Thursday, saying the companies are now making a different legal argument than the one the Supreme Court agreed to decide.

The lawsuit filed by consumers and independent ATM operators claims the payment processors illegally coordinated with Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. to adopt anticompetitive fees.

A federal judge dismissed the case in 2013, but a federal appeals court revived it last year.