Attention to all Vendors using Visa and Mastercard
Notice of a $6+ billion dollar class action settlement
with merchants who have accepted Visa and
MasterCard at any time since January 1, 2004.
with merchants who have accepted Visa and
MasterCard at any time since January 1, 2004.
The December 13, 2013 decision of the Court which granted approval to the settlement is currently being appealed. Claim forms are not available at this time and will not be available until after all appeals are resolved. It is unknown how long the appeals process will take. To view the Final Approval Order, click here.
On December 13, 2013, the U.S. District Court for the Eastern District of New York approved a Class Settlement among merchants, Visa, MasterCard and other Defendants in a class-action lawsuit. The lawsuit claims that merchants paid excessive fees for accepting Visa and MasterCard because of an alleged conspiracy among the Defendants.
Settlement Benefits
The monetary portion of the Class 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. Any person, business or other entity that accepted Visa or MasterCard credit or debit cards in the U.S. at any time between January 1, 2004 and November 28, 2012 may be eligible to receive a payment from this fund. The second is a fund equivalent to a portion of interchange fees attributable to certain merchants that accept Visa or MasterCard credit cards for an eight-month period which began July 29, 2013. That fund is estimated to be approximately $1.2 billion. Additionally, the Settlement requires Visa and MasterCard to modify some of their rules for merchants that accept their cards.
The monetary portion of the Class 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. Any person, business or other entity that accepted Visa or MasterCard credit or debit cards in the U.S. at any time between January 1, 2004 and November 28, 2012 may be eligible to receive a payment from this fund. The second is a fund equivalent to a portion of interchange fees attributable to certain merchants that accept Visa or MasterCard credit cards for an eight-month period which began July 29, 2013. That fund is estimated to be approximately $1.2 billion. Additionally, the Settlement requires Visa and MasterCard to modify some of their rules for merchants that accept their cards.
Settlement Classes
There are two classes in this Class Settlement:
There are two classes in this Class Settlement:
- A Rule 23(b)(3) Settlement Class (“Cash Settlement Class”), which includes all persons, businesses, and other entities that accepted any Visa or MasterCard cards in the U.S. at any time from January 1, 2004 to November 28, 2012, and
- A Rule 23(b)(2) Settlement Class (“Rule Changes Settlement Class”), which includes all persons, businesses, and other entities that as of November 28, 2012 or in the future accept any Visa or MasterCard cards in the U.S.
Class Counsel
The Court has appointed the law firms of Robins, Kaplan, Miller & Ciresi LLP, Berger & Montague, PC, and Robbins Geller Rudman & Dowd LLP to represent the Classes as Class Counsel.
The Court has appointed the law firms of Robins, Kaplan, Miller & Ciresi LLP, Berger & Montague, PC, and Robbins Geller Rudman & Dowd LLP to represent the Classes as Class Counsel.
Claim Forms
Claim Forms are not yet available. This website will be updated once the Court approves a Claim Form and determines when the Claim Form needs to be sent to Class Members. The Court will also determine a deadline for Class Members to submit their Claims.
Claim Forms are not yet available. This website will be updated once the Court approves a Claim Form and determines when the Claim Form needs to be sent to Class Members. The Court will also determine a deadline for Class Members to submit their Claims.
Preregistration
Preregistration is now closed. Preregistration was optional and does not affect your rights under the settlement. Even if you completed the Preregistration process, you must still submit a Claim Form – when they are available – to be eligible to receive a settlement payment.
Preregistration is now closed. Preregistration was optional and does not affect your rights under the settlement. Even if you completed the Preregistration process, you must still submit a Claim Form – when they are available – to be eligible to receive a settlement payment.
To obtain more information, click on any of the following links:
- View the Court's Memorandum and Order approving the Class Settlement
- View the Long-Form Notice
- View the Frequently Asked Questions page
- View the Documents page including the Class Settlement Agreement and other documents
Source: https://www.paymentcardsettlement.com/en
