Visa/ MasterCard $5.6 billion Settlement
In a recent ruling, a Court of Appeals upheld a $5.6 billion antitrust settlement involving Visa Inc (V.N) and MasterCard Inc (MA.N). The settlement addresses allegations made by over 12 million retailers who accused the credit card giants of unlawfully fixing credit card fees. CCC is tracking this case and is ready to help businesses recover their share of the settlement.
The recent arguments heard by the court were dismissed although objectors argued there were degrees of damages suffered by franchisee businesses that were unique to the rest of the class. Among the objectors were gas station operators affiliated with oil companies such as Chevron (CVX.N) and Shell (SHEL.L). Both the operators and the companies allege that they suffered financial harm from accepting Visa and MasterCard for gas sales.
Circuit Judge Dennis Jacobs acknowledged that the dispute between the gas station operators and the companies might require further court proceedings. However, he emphasized that this should not impede the distribution of compensation to other class members.
The settlement aims to resolve claims of overcharging by Visa and MasterCard through interchange fees, also known as swipe fees, imposed on retailers when customers use credit or debit cards. As a business, you meticulously manage your expenses and when taxes come around, you hire experts to help you find every tax law possible that reduces your costs. Now, the same due diligence and attention to detail is needed with class action settlements or you could be leaving money on the table.
Even though this case is extremely complicated and has taken years to settle, CCC’s team of experts has already done the work to ensure our clients get every dollar they are owed. Please reach out to our Visa Mastercard claim specialist Omar Reyes at 773-849-3121 or firstname.lastname@example.org.
Don’t miss out on your share of the payment card settlement
Reach out today to get started with an estimate of your claim value.
Payment Card Settlement Disclaimer: On December 13, 2019, the Court granted final approval of the settlement filed on September 18, 2018, for the Rule 23(b)(3) Class Plaintiffs in this action. No claim forms are available at this time, and no claim-filing deadline exists. No-cost assistance will be available from the Class Administrator and Class Counsel during any claims-filing period. No one is required to sign up with any third-party service to participate in any settlement. For additional information regarding the status of the litigation, interested persons may visit www.paymentcardsettlement.com, the Court-approved website for this case.