VISA Mastercard Interchange Fee Settlement
Visa Mastercard Merchant Payment Recovery Lawyers
Mastercard and Visa have agreed to a $5.54 billion deal resolving litigation surrounding their payment Swipe Fees. Our lawyers at Shamis Gentile, P.A. stand ready to help assist business make their claims to recover a portion of their swipe fees paid to Visa and Mastercard.
The multidistrict litigation, which commenced in 2005, centers on Visa and MasterCard’s regulations concerning “interchange” fees, or the fees imposed per transaction by merchants who accept their cards. These charges are often passed on to customers by businesses.
The case encompasses claims on behalf of both merchants and consumers seeking compensation for damages and reforms. In January 2022, the US Supreme Court declined to revive one of the consumer lawsuits, occurring roughly three months after the certification of the case as a class action for merchants pursuing an injunction.
Visa and MasterCard initially reached a $5.3 billion settlement in 2012, but the Second Circuit rejected the agreement, citing conflicts between businesses aiming to maximize their cash settlements and those advocating for forward-looking changes. This led to the eventual reduction of the deal from $6.2 billion to $5.6 billion.
According to Judge Dennis Jacobs, who authored the appeals court’s decision, the federal judge in Brooklyn, who granted approval for the settlement, acted reasonably in a complex case involving numerous stakeholders, where neither the district court nor the class counsel could be expected to anticipate and preempt every potential issue.
Disclaimer: Claim forms are being delivered and are available online beginning December 1, 2023. Class members need not sign up for a third-party service in order to participate in any monetary relief. No-cost assistance is available from the Class Administrator and Class Counsel during the claims-filing period. Information directing class members to the Court-approved website www.paymentcardsettlement.com for additional information
Wonderful experience from beginning to end. My attorney was always keeping me up to date. I never had to chase for status. Great team. I highly recommend them,
Kelly Fulton
Shamis & Gentile Client
Frequently Asked Questions:
What is the nature of the lawsuit?
The lawsuit centers on allegations that Visa and Mastercard violated antitrust laws, resulting in merchants (the parties involved in the lawsuit) paying excessive interchange fees. As a result, a preliminary settlement ranging from $5.54 has been ordered for merchants who accepted Visa and Mastercard as payment methods from January 1st, 2004, to January 25th, 2019. This settlement aims to reimburse merchants for the overpayments made in interchange fees over a 15-year period.
Who are the parties involved in the lawsuit?
The lawsuit has been filed by nearly all businesses that accept card payments against Visa and Mastercard.
Who is responsible for filing a claim?
Merchants themselves are responsible for filing a claim. Since the lawsuit exclusively involves merchants and Visa/Mastercard, only the merchants can submit claims for reimbursement. Payment processors and merchant service providers, such as Tidal Commerce, are not part of the lawsuit and cannot file claims on behalf of merchants.
What does this mean for you as a merchant?
It means you have the opportunity to recover the money you overpaid in interchange fees. All eligible merchants have the chance to receive a portion of the settlement if they submit a timely claim with the claims administrator.
What steps do you need to take?
https://shamisgentile.jotform.com/232907486850970 and our team of lawyers will be in touch to assist you throughout the process!
Disclaimer: Claim forms are being delivered and are available online beginning December 1, 2023. Class members need not sign up for a third-party service in order to participate in any monetary relief. No-cost assistance is available from the Class Administrator and Class Counsel during the claims-filing period. Information directing class members to the Court-approved website www.paymentcardsettlement.com for additional information