Settlement Fund: $5.54 Billion
Attorney Fees: ≈$530 Million (9.56% of the Settlement Fund)
Net Settlement Fund: $4.9 billion (after attorney and admin fees)
The Class: Any company that accepted Visa and MasterCard branded cards between 2004-early 2019 is included in the class.
Claim Filing Deadline: TBD; claim forms are not available at this time.
Class Period: January 1, 2004-January 25, 2019
Update: oral arguments hearing was held on March 16, 2022. Currently, there is no timeline for a ruling on the hearing.
The lawsuit claims that merchants paid excessive interchange fees for accepting Visa and MasterCard because of an alleged conspiracy among the defendants.
If your business accepted Visa or Mastercard payments between January 1, 2004 to January 25, 2019, you might be entitled to receive a significant amount of capital from this pending settlement. Despite the fact that claim forms are not yet available and the filing date for claim submission has not been set, you can engage Mitena Partners to execute a precise and timely claim on your behalf.
Monetary Damages: The net settlement fund (approximately $4.9 billion) will be allocated to the class members and will be distributed to authorized claimants:
Calculating your settlement award will be a result of the following equation:
When a cardholder purchases something with a credit or debit card, an interchange fee is applied to those transactions, which is usually around 1-2% of the total purchase price. Interchange fees typically account for the greatest part of the fees paid by merchants for accepting Visa and Mastercard-branded cards.
Visa and Mastercard set interchange fee rates for different kinds of transactions and publish them on their websites, usually twice a year.
To review the $5.54B Visa Mastercard settlement, check out the website: https://www.paymentcardsettlement.com/en/Home/FAQ and note that you can independently file a claim for your business when claim forms become available.
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.
Mitena Partners, by CCC is a third-party litigation funding company and is not affiliated with lawyers, courts, or Claims Administrators. In any case there is no requirement to use a 3rd party. In some cases, like the payment card settlement, claim forms are not yet available.
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