Payment Card Interchange
Payment Card Interchange
How much is the total pool of money distributed?
This is a $5.54 Billion settlement which will be distributed on a pro-rata basis to those who file a valid claim & meet the eligibility requirements.
Is my business eligible?
All persons, businesses, and other entities that 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 (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. The Dismissed Plaintiffs are plaintiffs that previously settled and dismissed their own lawsuit against a Defendant, and entities related to those plaintiffs.
How much money will I receive if I choose to file a claim?
Not everyone will receive the same recovery. The amount of your recovery will be calculated as a certain percentage of the interchange fees you were charged throughout the relevant claim period (Jan. 1 2004 - Jan. 25th 2019). That percentage cannot be determined until all class members claims are filed and accepted or denied by the class administrator.
Status of the Interchange Settlement
The Court granted final approval of a $5.54 billion class action settlement called In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL 1720 (MKB) (JO). On Friday, January 3, 2020, several appeals of the final-approval order were filed with the court. At this time, it is unknown how long the appeals process will take and what the results will be. The lawsuit 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. Visa and Mastercard deny those claims. The parties agreed to settle the dispute. Please check the official website https://www.paymentcardsettlement.com for any updates relating to the settlement or the settlement approval process or feel free to contact us for more information about your potential claim.
Disclaimer: The settlement was approved by the Court on December 13th 2019. An appeal of the final-approval order was filed with the court on January 3rd, 2020. At this time it is unknown how long the appeals process will take. As of now, claim forms are not yet available from the class administrator and no claims filing deadline exists. No cost assistance will be available from the class administrator and class counsel during the 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, class members may visit www.paymentcardsettlement.com, the court approved website for this case.