Settlement

Notice of a $6+ billion dollar class action settlement with merchants with merchants who have accepted Visa and MasterCard at any time since January 1, 2004

The U.S. District Court for the Eastern District of New York has ordered a notification program about preliminary approval of a Class Settlement among merchants, Visa, MasterCard, and other Defendants in a class action lawsuit. The lawsuit claims that merchants paid excessive fees for accepting Visa and MasterCard because of an alleged conspiracy among the Defendants.


Settlement Benefits

The monetary portion of the Class Settlement consists of two funds. The first is a cash fund in the amount of $6.05 billion. Any person, business or other entity that accepted Visa or MasterCard credit or debit cards in the U.S. at any time between January 1, 2004 and November 28, 2012 may be eligible to receive a payment from the $6.05 billion fund. The second is a fund equivalent to a portion of interchange fees attributable to certain merchants that accept Visa or MasterCard credit cards for an eight-month period to start by July 29, 2013. That fund is estimated to be approximately $1.2 billion. Additionally, the Settlement will require Visa and MasterCard to modify some of their rules for merchants that accept their cards.


Proposed Classes

There are two Classes in this proposed Class Settlement:

  • A Rule 23(b)(3) Settlement Class ("Cash Settlement Class"), which includes all persons, businesses, and other entities that accepted any Visa or MasterCard cards in the U.S. at any time from January 1, 2004 to November 28, 2012, and
  • A Rule 23(b)(2) Settlement Class ("Rule Changes Settlement Class"), which includes all persons, businesses, and other entities that as of November 28, 2012 or in the future accept any Visa or MasterCard cards in the U.S.

Claim Requests Forms

If the Court approves the settlement, the Court will approve a Claim Form and determine when the Claim Form needs to be sent to Class Members, as well as the deadline for Class Members to submit their Claims. If you received a notice or filled out a preregistration, and did not request exclusion, you will be sent a Claim Form once they are available.

Claims can also be handled free of charge by a member of the Tiger Team by calling us toll-free at 1-877-718-4437 or by filling out the request form.


 
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