What Are Your Options in the Visa/MasterCard Settlement?
You may have heard about the recent Visa/MasterCard class action settlement. If you have questions about the case, whether you qualify for a payout, or what your options are for filing your claim, you’ve come to the right place.
CLAIM FORMS ARE NOT YET AVAILABLE FROM THE CLASS ADMINISTRATOR. WHEN CLAIM FORMS DO BECOME AVAILABLE, CLASS MEMBERS ARE NOT REQUIRED TO SIGN UP WITH ANY THIRD-PARTY SERVICE IN ORDER TO PARTICIPATE IN THE MONETARY RELIEF, BUT MAY INSTEAD FILE THEIR CLAIM DIRECTLY WITH THE CLASS ADMINISTRATOR. THE CLAIM FORM WILL INFORM MOST CLASS MEMBERS OF THEIR ACTUAL OR ESTIMATED INTERCHANGE FEES ON WHICH IT IS PROPOSED THEIR CLAIMS WILL BE PAID. YOU MAY ACCEPT OR DISPUTE THIS ESTIMATE WITH THE OPPORTUNITY TO SUBMIT ADDITIONAL INFORMATION. NO-COST ASSISTANCE WILL BE AVAILABLE FROM THE CLASS ADMINISTRATOR AND CLASS COUNSEL DURING THE CLAIMS-FILING PERIOD. FOR ADDITIONAL INFORMATION, CLASS MEMBERS MAY VISIT WWW.PAYMENTCARDSETTLEMENT.COM, THE COURT-APPROVED WEBSITE FOR THIS CASE.
What is this case all about?
- A court case was recently settled between a group of merchants, on one hand, and Visa, MasterCard, and issuing banks, on the other hand, about unfair business practices related to interchange fees.
- Interchange is the fee collected by banks every time a merchant accepts payment from a customer using a card. We don’t have to tell you how high the fees have gotten.
- Finally, merchants cried FOUL. The lack of competition meant steadily rising fees and no alternatives.
- In October 2012, both parties agreed to settle for more than $7 billion dollars. On December 13, 2013 the judge approved the allocation plan as “Final”.
- There are some appeals still pending, and there are specific settlement details that must be determined by the judge. Claim forms have not yet been issued.
What are YOUR options?
Option 1: Do nothing. Great option if you don’t like money.
Option 2: File yourself by working with the official settlement administrator. For more information on how to collect your money, please visit www.paymentcardsettlement.com.
Option 3: Partner with a recovery service to file your claim. Brownstone and its experts have decades of experience doing this exact thing. Our areas of expertise are interchange fees and class action settlements. We navigate the filing process on your behalf and utilize our in-depth understanding of interchange rules to help determine if your estimated recovery is appropriate and fair. And the best part- we do it while you’re focusing on what’s really important- your business.