Payment Card Interchange Fee and Merchant Discount Settlement
1:05-md-01720 US District Court, Eastern District of New York
This summary is based on MCAG’s review of publicly available documents. The Court granted the settlement final approval on December 13, 2019.
The Payment Card Interchange Fee and Merchant Discount Antitrust Litigation ("Settlement") claims that merchants paid excessive interchange fees for accepting Visa and MasterCard because of an alleged conspiracy among the Defendants. The Court granted final approval of this Settlement on December 13, 2019, and will establish a claims process whereby eligible merchants will be able to claim their share of the billions in settlement funds.
What is Interchange?
Interchange is a fee paid by a merchant's bank (also known as the acquiring bank) to the cardholder's bank (the issuing bank) to compensate the issuing bank for a portion of the risks and costs it incurs.
Do You Qualify?
If your organization accepted Visa or MasterCard payments in the U.S. at any time from January 1, 2004, to January 25, 2019, you may be eligible to recover significant funds from this Settlement. Although the claim forms are not yet available and the filing deadline for claim submission has not been announced, you can engage MCAG now to ensure that a proper and timely claim is filed on behalf of your business.
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Complete our Registration Form using information corresponding to your headquarters/primary location. If you own more than one business and the businesses operate as separate entities, we suggest you complete a primary enrollment form for each business.