What’s this all about?
A long time ago – 2005 to be more precise – a bunch of Merchants got together and claimed that card associations (primarily Visa and MasterCard) set interchange fees and rules governing payment card acceptance in ways that amounted to illegal price fixing. The card associations and card-issuing banks countered that the fee structures are reasonable.
Before the case was fully litigated, both sides reached a negotiated settlement. In early 2013, most merchants received a notice about the settlement from the claims administrator. On December 13, 2013, the Court granted approval to the settlement, which is currently being appealed.
If you are looking for more information about the settlement, Brownstone Recovery is here to help. Brownstone Recovery has extensive expertise with interchange fees and the previous class action case involving Visa and MasterCard. If you want to retain Brownstone Recovery, we’ve made the process extremely easy.
For detailed and summary information about the settlement, please visit our Resources Area.