In Re: Visa, Inc., Mastercard, Inc., Payment Card Interchange Litigation
Allegations claim that merchants paid abnormal fees to accept Visa and Mastercard cards because Visa and Mastercard, individually, and together with their respective member banks, violated the antitrust laws. The Rule 23(b)(3) Settlement Class was created because of such infringement.
Defendants (Branded Card Transactions):
– Visa, Inc.
– Mastercard, Inc.
– Various American Banks
New Settlement Pushback? What Does That Mean for You?
People who qualify for this settlement typically receive a notice of some form from the defending parties, having record that you meet the requirements of the Rule 23(b)(3) Settlement Class. Specifically:
All persons, businesses, and other entities that have accepted any Visa-Branded Cards and/or Mastercard-Branded Cards in the United States at any time from January 1, 2004 to January 25, 2019, except that the Rule 23(b)(3) Settlement Class shall not include (a) the Dismissed Plaintiffs, (b) the United States government, (c) the named Defendants in this Action or their directors, officers, or members of their families, or (d) financial institutions that have issued Visa-Branded Cards or Mastercard-Branded Cards or acquired Visa-Branded Card transactions or Mastercard-Branded Card transactions at any time from January 1, 2004 to January 25, 2019.
If you have any questions on in you qualify, call us: (312) 204-6970 or email: firstname.lastname@example.org
What Is an Intercharge Fee?
When a cardholder purchases something with a credit or debit card, an interchange fee is attributable to those transactions, which is usually around 1% to 2% of the total purchase cost. Interchange fees typically account for the greatest part of the fees paid by merchants for accepting Visa and Mastercard cards.
Interchange fee rates for different kinds of transactions are set twice a year from Visa and Mastercard, displayed on their respective website.
Why Is This a Class Action?
This Payment Card Interchange litigation is a class action lawsuit because people or businesses sue for not just themselves, but also on behalf of other people or businesses with similar legal claims and interests. Together all of these people or businesses with similar claims and interests form a class, and are class members, against the defendants who charged excessive fees for everyday purchases.
How Large Is the Class Member Size?
Given the vast size of Visa and Mastercard cardholders – whether they are individual or business purchasers – the class group is difficult to precisely define, however there are hundreds of millions users of these branded cards, which would be people entitled to monetary compensation.
How Much Is the Settlement Payout?
Visa, Mastercard and the Bank Defendants have agreed to a payout of $5.54 billion to merchants that did not object from the Settlement Class.
Following Rule 23(b)(3) Settlement Class guidelines, every merchant that did not exclude itself from the class by the deadline and filed a valid claim (“Authorized Claimant”) will be paid from the settlement fund. Money in this settlement fund will also be used to suffice:
- The cost of Settlement administration and notice, and applicable taxes on the settlement fund and any other related tax expenses, as approved by the Court;
- Money awards for Rule 23(b)(3) Class Plaintiffs for their service on behalf of the class, as approved by the Court; and
- Attorneys’ fees and expenses, as approved by the Court.
Is It Worth My Time?
By not filing a claim or taking action on this class action lawsuit, you are missing out on a substantial opportunity to receive monetary compensation for excessive fees you were charged, without even knowing it. This includes any financial claims regarding interchange fees, network fees, merchant discount fees, no-surcharge rules, no-discounting rules, honor-all-cards rules, and certain other conduct and rules.
If I Do Nothing, What Happens?
Without filing a claim and taking the right legal action, you will not receive any money from this $5.54B settlement. To not exclude yourself from the plaintiff group going against the Defendants, file a claim!
Stay Informed on the Visa-Mastercard Settlement
Currently, we are tracking the settlement negotiations to ensure our clients maximize their claims and analyzing any new developments in the case. Please sign up below to have CCC notify you about any settlement updates.