If you accepted Visa or MasterCard between January 1, 2004, and January 24th, 2019, you are part of a class action lawsuit that resulted in a ~ $6+ billion settlement. The official name of the class action lawsuit is Payment Card Interchange Fee and Merchant Discount Antitrust Litigation (MDL No. 1720).
- UPDATE: On January 25, 2019, a Superseding and Amended Definitive Class Settlement Agreement was preliminarily approved by the Court. Technically, this is a ‘new’ proposed $5.56–$6.26 billion settlement to provide payments to merchants who accepted Visa and MasterCard at any time from January 1, 2004 through January 24, 2019. § The terms of this proposed settlement modify, amend and supersede the Definitive Class Settlement Agreement in which approval was reversed and remanded by the Second Circuit Court of Appeals on June 30, 2016. § Next Step: We are waiting for the Courts to declare the claim form (enrollment) deadline as well as and to (concurrently) provide the official claim form details.
What does this mean for you?
The original court case was between a group of merchants (on one hand) and Visa, MasterCard, and issuing banks (on the other hand) about unfair practices related to interchange fees. § Interchange is the fee collected by banks every time a merchant accepts payment from a customer using a credit card. We don’t have to tell you how high the fees have gotten. § The lack of competition meant steadily rising fees and no alternatives. Finally, merchants fought back and sued. § Both parties originally agreed to settle for more than $7 billion dollars. After some discussion and separate agreements, the Judge has preliminarily approved the allocation plan.
What are YOUR options?
- Option 1: Do nothing and not receive your share of the settlement. Note: If you want to participate, you must register in this class action to receive compensation.
- Option 2: File and calculate your own claim by working with the appointed settlement administrator. For contact details, and more information on the no cost assistance, you can visit www.paymentcardsettlement.com.
- Option 3: Retain Brownstone Recovery to work on your behalf and help you recover your share of the settlement. Our areas of expertise are interchange fees and class action settlements. We will focus on your claim while you focus on your business.
Simply fill out this form below. Be sure to use Referral Code EDIP22 to take advantage of the Unity Fi Solutions discount.
Brownstone Recovery Group’s expertise includes successfully handling the previous class action case involving Visa and MasterCard. Visit our website for more information. If you are interested, simply provide your contact information and we will keep you up to date on the settlement progress and file your claim(s).
Frequently Asked Questions
Q: Why was the settlement remanded?
A: The settlement was remanded due to the Judges concerns that certain merchants were inadequately represented in the settlement. In more technical terms, the Judges “concluded that the class plaintiffs were inadequately represented in violation of Rule 12(a)(4) and the Due Process Clause. Procedural deficiencies produced substantive shortcomings in this class action and the settlement. As a result, this class action was improperly certified, and the settlement was unreasonable and inadequate.”