Visa USA, Inc will pay American Express Co. a total of $2.25 billion to settle allegations stemming from an anti-trust lawsuit filed in 2004 by AmEx, according to a report.

Visa's members must still approve the settlement, which calls for the firm to pay $1.13 billion upfront and the rest over four years, the Wall Street Journal reported, citing people familiar with the situation.

Part of the settlement – which was first reported by CNBC – American Express will also stop legal action against banks named in the 2004 lawsuit.

The banks include J.P. Morgan Chase & Co, U.S. Bancorp, Capital One Financial Corp. and Wells Fargo, according to the Journal.

American Express sued Visa, MasterCard International Inc and the eight member banks for setting up rules to prohibit financial institutions from providing credit cards through American Express.

American Express still plans to pursue litigation against MasterCard, according to the Journal.