Class Action

Massive $5.54-6.24 billion settlement provides payments to merchants who accepted Visa or Mastercard

October 2, 2020

The lawsuit alleges merchants paid excessive fees to accept Visa and MasterCard cards because Visa and MasterCard, individually, and together with their respective member banks, violated the antitrust laws.

If you owned a business (whether still operating or not) that accepted any Visa or MasterCard-Branded Cards in the United States between January 1, 2004 and January 25, 2019, you may be eligible for a refund from a $6 Billion (plus) settlement. In re Payment Card Interchange Fee Antitrust Litigation alleges that Visa® and MasterCard® fixed interchange fees at anti-competitive levels in violation of US antitrust law. The Court has approved a settlement of a maximum of approximately $6.24 billion and a minimum of at least $5.54 billion in the class action lawsuit, called In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL 1720.

The lawsuit alleges merchants paid excessive fees to accept Visa and MasterCard cards because Visa and MasterCard, individually, and together with their respective member banks, violated the antitrust laws. No claim forms are available at this time, and no claim-filing deadline exists. If the settlement is approved, no-cost assistance will be available from the Class Administrator and Class Counsel during any claims-filing period.  For additional information regarding the status of the litigation, interested persons may visit www.paymentcardsettlement.com, the Court-approved website for this case.

We will keep you apprised in subsequent Gavel issues of new developments in this case, including when claim forms are available.

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