Class Members Eligible for Payment Card Interchange Fee Settlement:
The Payment Card Interchange Fee Settlement class consists of all persons, businesses, or other entities that accepted Visa Branded Cards (Visa Settlement) and/or MasterCard Branded Cards (MasterCard Settlement) in the United States at any time from January 1, 2004 to the present. CAC Recovery will verify your Payment Card Interchange Fee and Merchant Discount Antitrust Litigation class status in the Visa MasterCard Settlement.
Payment Card Interchange Fee Settlement Case History:
The fairness hearing for the Visa MasterCard settlement took place on September 12, 2013. On December 13, 2013 the Court approved a $5 plus billion Payment Card Interchange Fee Settlement in a class action lawsuit, which claims that merchants paid excessive fees to accept Visa and MasterCard cards because Visa and MasterCard, individually, and together with their respective member banks, violated the antitrust laws.
The monetary portion of the Payment Card Interchange Fee Settlement consists of two funds. The first is a cash fund in the amount of $6.05 billion, reduced by 25% to account for merchants who excluded themselves, that will pay valid claims, on a pro rata basis, to any person, business or other entity that accepted Visa or MasterCard branded credit or debit cards in the U.S. between January 1, 2004 and November 28, 2012. The second fund is estimated to be up to approximately $1.2 billion in total and is equivalent to a portion of the interchange fees attributable to merchants that do not exclude themselves from the Payment Card Interchange Fee Settlement class and that accepted Visa and MasterCard credit cards during an eight-month period which began July 29, 2013. The Settlement also requires Visa and MasterCard to modify certain rules for merchants that accept their cards.
Definition of Payment Card Interchange Fee:
When a cardholder makes a purchase with a credit or debit card, there is an interchange fee attributable to those transactions, which is usually 1% to 2% of the purchase price. Interchange fees typically account for the greatest part of the fees paid by merchants for accepting Visa and MasterCard cards. Visa and MasterCard set interchange fee rates for different kinds of transactions and publish them on their websites, usually twice a year.
Get Started with CAC Recovery:
CAC Recovery provides Payment Card Settlement claims filing services to assist you in filing your claim, tracking your claim, resolving any claims issues, reviewing recoveries and interacting with the Class Administrator based on a contingency fee. Our Guarantee – We don’t get paid, unless you get paid. You have the option to file your own claim.
Get Started with CAC Recovery by providing your details, then upon execution of our service agreement, CAC Recovery will file your claims and assist you in gathering the specific documentation to maximize your Payment Card Interchange Fee Class Action Settlement recovery.
Additional Information on the Payment Card Settlement:
The Second Circuit Court of Appeals reversed approval of the settlement and returned the case to the District Court on June 30, 2016. Litigation is ongoing. No claim forms are available at this time, and no claim-filing deadline exists. If another settlement is reached, 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 in order 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.
Our Class Action Settlement Services:
CAC Recovery navigates the complex intricacies of the Payment Card Interchange Fee and Merchant Discount Antitrust Litigation claims filing process to help businesses maximize their recoveries.
Our class action settlement services include:
- Identifying class action claims where businesses may be eligible to file
- Filing the class action claim with supporting documentation
- Interacting with the class action Claims Administrator
- Providing updates on class action claim settlements status
- Resolving Claims Administrator questions on claims
- Reviewing the recovery to assure the correct compensation claims amount has been received
Our Guarantee: We Get Paid When You Recover – No hidden charges or up-front fees. We provide our class action settlements services based on a contingency fee.
Getting Started is easy! We’ll first have you fill out our ‘Get Started‘ form and a CAC representative will contact you within 24 hours to review your eligibility and walk you through the claims process.
Payment Card Settlement: Frequently Asked Questions
Am I part of the Payment Card Settlement?
This case involves two Settlement Classes. Both Class definitions include individuals, businesses and other entities who accepted Visa-Branded Cards and/or MasterCard-Branded cards in the United States since January 1, 2004. Individuals, businesses and other entities may be included in one or both class definitions.
The Cash Settlement Class (or “Rule 23(b)(3) Settlement Class”) consists of all persons, businesses, or other entities that accepted Visa-Branded Cards and/or MasterCard-Branded Cards in the United States at any time from January 1, 2004 to November 28, 2012.
The Rule Changes Settlement Class (or “Rule 23(b)(2) Settlement Class”) consists of all persons, businesses or other entities that as of November 28, 2012, or in the future accept any Visa-Branded Cards and/or MasterCard-Branded Cards in the United States.
Why is there a Visa MasterCard Antitrust Interchange Fee Settlement?
In this case, the Interchange Fee Settlement is the product of extensive negotiations, including court-supervised mediation with two experienced mediators, chosen by the parties. Settling this case allows class members to receive payments and other benefits. The Class Plaintiffs and their lawyers believe the Payment Card Settlement is best for all class members.
How much money will be provided in the Visa MasterCard Antitrust Interchange Fee Settlement?
Provided any appeals have been resolved and the settlement has become effective, valid claimants will be eligible to receive payments after all claims have been processed. Payments will be related to two different funds: a Cash Settlement Fund and an Interchange Fund. These funds will be used to pay valid claims filed, the costs of class administration and notice, money awards to Class plaintiffs, and attorneys’ fees and expenses approved by the Court.
The first fund is a Cash Settlement Fund. The Cash Payment Card Settlement Fund consists of $6.05 billion, reduced by 25% to account for merchants who excluded themselves from the Cash Settlement Class. The amount of money each eligible claimant will receive from the Cash Settlement Fund will depend on the total dollar value of all valid claims filed, the costs of class administration and notice, money awards to Class Plaintiffs, and attorneys’ fees and expenses approved by the Court. It is anticipated that the amount paid to each valid claimant from the Cash Settlement Fund will be based on the claimant’s actual or estimated interchange fees attributable to the claimant’s Visa and MasterCard transactions from January 1, 2004 through November 28, 2012.
The second fund is an Interchange Settlement Fund which could total up to $1.2 billion. The amount of money each eligible claimant will receive from the Interchange Fund depends on the money available to pay all claims, the total dollar value of all valid claims filed, the cost of class administration and notice, and attorneys’ fees and expenses approved by the Court. Each claimant’s payment will be paid in proportion to all claimants’ payments. For a merchant that submits a valid claim, the amount paid from the Interchange Fee Settlement Fund will be based on one-tenth of 1% of the merchant’s Visa and MasterCard credit card transaction volume during the eight-month period from July 29, 2013 through March 29, 2014.
When is the Visa MasterCard Settlement claims filing deadline?
The deadline has not yet been set.