Settlement Recovery Important Notes & Updates
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 However the settlement still totals nearly $6 billion for merchants, before legal and administrative expenses are withdrawn.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.