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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 SRG’s review of publicly available documents. The court
granted the settlement final approval on December 13, 2019.


OVERVIEW

Plaintiffs allege that, between January 1, 2004 and the January 25, 2019,
Defendants Visa, MasterCard and several banks including Bank of America,
JPMorgan Chase and Citigroup conspired to artificially inflate the prices of
interchange fees that merchants' acquiring banks pay to customers' issuing banks
in a credit or debit card transaction.  Since the interchange fees are inflated,
the discount fees merchants pay to accept card payments are in turn artificially
high, and various rules prevent merchants from challenging the inflated fees.

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.

CLASS

The eligible class consists of all persons, businesses and other entities that
accepted Visa and/or MasterCard credit or debit cards in the United States from
January 1, 2004 to January 25, 2019.

 

Pending Settlements: Filing Deadline: $5.54 to $6.24 Billion
  Not yet established;
Claim forms are not yet available

Questions?

Settlement Recovery Group LLC
222 N Pacific Coast Highway, 3rd Floor
El Segundo, CA 90245
Tel: 888-605-7617
Fax: 866-519-2861

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FILE A CLAIM FOR ME

Please note that SRG may require additional information from you (the claimant)
in order to meet requirements for the Payment Card Interchange Fee Settlement.
In consideration for SRG filing a claim and seeking reimbursement on the
claimant's behalf, claimant agrees to pay SRG 25% of the face value of the
reimbursement. There will be no compensation due SRG if claimant does not
recover a reimbursement. SRG makes no guarantees as to the amount of the
reimbursement.

Submit my claim

Claimant information:

SRG is not affiliated with the official claims administrator, class counsel or
any party in the case. SRG is a third party service that can be hired to file
and track claims. We specialize in helping companies file claims to obtain their
share of settlement money from class action lawsuits once a settlement has been
reached. Our services are voluntary and are not required to file a claim.
No-cost assistance will be available from the Class Administrator and Class
Counsel during any claims-filing period. Official documents and information on
the case can be found on the Court-approved case
website www.paymentcardsettlement.com. This summary is not and should not be
construed as legal, tax or other professional advice. 

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