The lawsuit, In re Payment Card Interchange Fee Antitrust Litigation, alleges that Visa® and MasterCard® fixed interchange fees at anti-competitive levels in violation of US antitrust law. Your company may be eligible for recovery if it accepted Visa- and/or MasterCard-branded cards between January 1, 2004 and November 28, 2012.
On December 13, 2013, the U.S. District Court for the Eastern District of New York approved a settlement that includes a cash fund in the amount of $6.05 billion, reduced by 25% for those merchants that opted-out of the settlement. A second fund will provide a temporary reduction in credit interchange fees for an eight month period that started on July 29, 2013, and is estimated to be worth $1.2 billion. Final Approval has been appealed by various merchants, and it is unclear at this time when benefits may become available for distribution.
Claim forms are not yet available from the Class Administrator. When claim forms do become available, class members are not required to sign up with any third-party service in order to participate in the monetary relief, but may instead file their claim directly with the Class Administrator. The claim form will inform most class members of their actual or estimated interchange fees on which it is proposed their claims will be paid. Claimants may accept or dispute this estimate with the opportunity to submit additional information. No-cost assistance will be available from the Class Administrator and Class Counsel during the claims-filing period. For additional information, class members may visit www.paymentcardsettlement.com, the Court approved website for this case.