Equity Recovery Solutions

Visa, MasterCard Fee Fixing Class Action

Claims Administrator:   https://www.paymentcardsettlement.com/en

If you or your business accepted Visa or Mastercard-branded cards since January 1, 2004, you may be entitled to participate in a fund of as much as approximately $6.26 billion, but no less than approximately $5.56 billion, recovered in a settlement of this class action.

Filing Deadline: As of now claim forms are not available, we will notify you once they are.

Eligibility: If certified, Class Members eligible to receive a cash payment include all persons, businesses and other entities (excluding the United States Government and certain other entities) that, at any time from January 1, 2004 in the U.S., accepted any Visa-branded cards and/or Mastercard-branded cards.

Summary In 2005, merchants filed several lawsuits against Visa, Mastercard and certain financial institutions (e.g., those that issued Visa-branded cards or Mastercard-branded cards) in which merchants accused Visa and Mastercard of fixing fees for processing credit and debit card payments, and for prohibiting merchants from steering their customers toward use of lower-cost payment instruments, such as credit cards with lower reward structures, both of which resulted in merchants paying higher interchange fees (i.e., a 1% to 5% fee that merchants pay to the payment card companies for each retail transaction that uses a credit or debit card). In October 2012, the Class reached a settlement; on June 30, 2016, however, the Second Circuit reversed class certification, vacated the District Court’s final approval of the settlement, and remanded the litigation back to the District Court for further proceedings. In or about September 2018, the Rule 23(b)(3) Class Plaintiffs reached with all of the Defendants a new settlement the terms of which include monetary relief of as much as approximately $6.26 billion but not less than approximately $5.56 billion depending on the class members that exclude themselves from the Rule 23(b)(3) Settlement Class. The settlement is currently pending District Court approval. The settlement funds (less certain reductions, expenses, noticing costs and fees) will be distributed to eligible claimants if and when such approval is granted and at the completion of the claims process.

Client’s Knowing Retention of ERS: Client acknowledges that, although it has the right to file a claim on its own and not hire ERS to participate in the monetary relief provided by any settlement, Client of its own volition has determined to hire ERS to do so. ERS is an asset recovery consulting firm that specializes, among other services, class action settlement claim recovery; ERS is not a court appointed claims administrator or class counsel. ERS will make reasonable efforts to file complete and accurate claims, and to secure on behalf of Client payments in connection with such claims. For additional information about this settlement, ERS urges you to read its case summaries described on its website, and to visit the court-approved website for the above-referenced settlement: http:// https://www.paymentcardsettlement.com/en. Client may also contact Class Counsel or the Claims Administrator. As of now claim forms are not yet available, we will notify you once they are available.

Share post:
Have Any Question?
Please feel free to ask any questions you may have, whether they’re related to Equity Recovery Solutions (ERS), our services, or any other topic you’d like to inquire about.