The law firm Constantine Cannon LLP announced today that approximately $1.1 billion in payments will be mailed to approximately 634,000 merchants across the United States, the final large-scale disbursement in the landmark Visa Check/MasterMoney Antitrust Litigation settlement.
In re Visa Check/MasterMoney Antitrust Litigation is still the largest antitrust settlement in U.S. history. The settlement with Visa and MasterCard was negotiated in 2003 and this final payment, likely the largest single payment to businesses in class action history, represents an accelerate payment schedule that was not set to end until 2012.
In addition to the monetary compensation to merchants, Visa and MasterCard agreed to eliminate their “Honor All Cards” policies, which required merchants that accepted their credit cards to also accept their signature debit card transactions. The settlement also ensured Visa and MasterCard debit cards were clearly marked as debit cards so that they could be easily distinguished from Visa and MasterCard credit cards.
In re Visa Check/MasterMoney Antitrust class action lawsuit covered merchants in the United States who accepted Visa and MasterCard debit and credit cards for payment at any time during the period October 25, 1992 to June 21, 2003. Merchants, if you have moved, remember its your responsibility to provide notice of any change of address after you submit your Claim Form. If you have any questions, visit http://www.inrevisacheckmastermoneyantitrustlitigation.com/ or call 1-888-641-4437.