Settlement Recovery Important Notes & Updates
On June 30, 2016, the Second Circuit Court of Appeals reversed and remanded approval of the settlement in this action. You can view the Court’s opinion here.
The Second Circuit Court of Appeals held a hearing on September 28, 2015 regarding the appeal of the settlement. The matter has now been submitted to the Court for decision. It is not known when the Second Circuit will issue its decision.
The parties are currently waiting for the Second Circuit to issue a hearing date for the pending appeal. This website will be updated with additional information after a hearing date is set. For more information about the settlement, please visit http://www.paymentcardsettlement.com.
The Court granted final approval. Class Members are not required to take any action at this time. For more information about the settlement, please visit http://www.paymentcardsettlement.com.
In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation Quick Facts:
- The settlement proposes to end litigation in the case and covers U. S. merchants that accepted Visa and MasterCard purchases between January 1, 2004 and November 28, 2012.
- Originally set at $7.25 Billion in relief for merchants, the amount has been reduced after a group of large merchants opted out of the fund in May. However the settlement still totals nearly $6 billion for merchants, before legal and administrative expenses are withdrawn.
- Merchants can file a basic claim on their own and receive a cash award based on an estimate of their sales and fee volume for a nine-year period.
- An estimate will be provided by the Settlement Administrator based on data they have accumulated from VISA and other sources.
No-cost assistance with claims filing will be available from the Court-appointed Class Administrator and from Class Counsel.
Merchants wanting help will need to opt-in to a Settlement Recovery Service to authorize a claim be filed on their behalf. Merchants will NOT be automatically enrolled with a Settlement Reccovery Service to file a claim.