Payment Card Interchange Fee and Merchant Discount Antitrust Litigation

Settlement Amount
$5.56 to $6.26 billion
Deadline
TBD
BACKGROUND
Plaintiffs allege that defendants Visa, MasterCard and their member banks have engaged in anti-competitive practices, including collusion, that artificially inflated the interchange fee that all merchants paid (and continue to pay) to accept Visa and MasterCard branded credit and debit cards. It is further alleged that interchange fees, which are neither cost-based nor negotiated between merchants and the banks with whom they deal directly, raise merchant discount fees to supra-competitive levels and have generated enormous profits for the Bank Defendants with respect to interchange fees in violation of Section 1 of the Sherman Act.
Who is Eligible?
All persons, businesses, and other entities that have accepted Visa and/or MasterCard Credit and/or Debit Cards in the United States from approximately January 1, 2004 to January 25, 2019. This Class does not include the named Defendants, their directors, officers, or members of their families, or their co-conspirators, or the United States Government.
Defendants
  • The Visa network and its member banks
  • The MasterCard network and its member banks
Deadline: TBD
No claim forms are available at this time, and no claim-filing deadline exists. If the Court grants final approval and any appeals are resolved, the Court will approve a claim form and set a claim deadline. No-cost assistance will be available from the Class Administrator and Class Counsel during any claims-filing period. No one is required to sign up with any third-party service in order to participate in any monetary relief. For additional information regarding the status of the litigation, interested persons may visit www.paymentcardsettlement.com, the Court-approved website for this case.