Visa, MasterCard and several major credit card issuers have settled the Payment Card Interchange Fee Litigation in the largest antitrust settlement in history – $5.7 billion
On December 13, 2013, the U.S. District Court for the Eastern District of New York granted final approval to a class settlement among merchants, Visa, MasterCard and other defendants in a class action lawsuit. The lawsuit claimed that merchants paid excessive fees for accepting Visa and/or MasterCard because of an alleged conspiracy among the defendants.
The $5.7 billion antitrust settlement, the largest in history. Any merchant that accepted one or more of these credit cards may be eligible to recover funds.
This settlement includes two separate funds:
- A cash fund of approximately $4.5 billion to compensate merchants that accepted Visa and/or MasterCard credit or debit cards in the U.S. at any time between January 1, 2004 and November 28, 2012.
- A fund equivalent to a portion of interchange fees attributable to certain merchants that accepted Visa and/or MasterCard credit cards from July 29, 2013 through March 29, 2014, estimated to be approximately $1.2 billion.
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Companies interested in taking advantage of CCB’s services are encouraged to call us at 610-834-9010, or email email@example.com for the latest information.
Please be aware that (i) claims forms are not yet available, (ii) class members need not sign up for a third-party service in order to participate in any monetary relief, (iii) no-cost assistance will be available from the Claims Administrator and Class Counsel during the claims-filing period, and (iv) additional information may be found at the court approved Web site: www.paymentcardsettlement.com.
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