Information on the Visa and MasterCard Interchange Fee Settlement
BPAA has followed the proceedings related to the “Visa/MasterCard Interchange Fee Class Action Settlement” [Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL No. 1720]. This Settlement has been delayed since June 2016, but now appears to be close to establishing a claims process that will allow eligible merchants to claim their share of the billions in settlement funds.
BPAA has partnered with MCAG, a class action settlement expert, to assist our members in recovering the maximum amount you’re due from the Settlement. Through partnerships with dozens of payment processing companies, MCAG has access to a vast data set that will be used to supplement claims. This includes current and historical data for millions of merchants.
There are no upfront fees for MCAG’s service, but instead MCAG receives a contingent fee of 20% of recoveries (discounted from their standard rate of 25%). For this fee, MCAG will do all the data analysis, document preparation, claims filing, recovery and reconciliation. If there is no recovery from the Settlement, you will not be charged a fee.
Click here to visit MCAG’s website for BPAA members
Updated Payment Card Settlement Disclaimer: On December 13, 2019 the Court granted final approval of the settlement filed on September 18, 2018 for the Rule 23(b)(3) Class Plaintiffs in this action. No claim forms are available at this time, and no claim-filing deadline exists. 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 settlement. For additional information regarding the status of the litigation, interested persons may visit www.paymentcardsettlement.com, the Court-approved website for this case.
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