Discover had filed a lawsuit against MasterCard and Visa in 2004, seeking roughly $6 billion in damages, as it contended the card networks had harmed its business by preventing their member banks from issuing credit cards for Discover’s network.
U.S. courts have ruled that efforts by Visa and MasterCard, the world’s two biggest credit card companies, to restrict banks from working with rivals was anti-competitive and broke antitrust law.
A similar lawsuit by American Express Co against Visa and MasterCard had already agreed to settle for about $3.9 billion.
