Payment Card Interchange Fee Settlement

Overview

Plaintiffs allege that, between January 1, 2004 and the present, Defendants Visa, MasterCard and several banks including Bank of America, JPMorgan Chase and Citigroup conspired to artificially inflate the prices of interchange fees that merchants’ acquiring banks pay to customers’ issuing banks in a credit or debit card transaction. Since the interchange fees are inflated, the discount fees merchants pay to accept card payments are in turn artificially high, and various rules prevent merchants from challenging the inflated fees.

This summary is for informational purposes only, based on SRG’s review of publicly available information regarding the settlement. Claimants may file a no-cost claim on their own, and more information can be found on the Court’s docket and on paymentcardsettlement.com, the settlement website maintained by the claims administrator appointed by the Court.

What is Interchange?

Interchange is a fee paid by a merchant’s bank (also known as the acquiring bank) to the cardholder’s bank (the issuing bank) to compensate the issuing bank for a portion of the risks and costs it incurs.

Filing Deadline

There is no filing deadline because the previous settlement was overturned by the Second Circuit Court of Appeals.

Class

Any person, business or other entity that accepted payment in Visa and/or MasterCard Credit and/or Debit Cards in the United States between January 1, 2004 and November 28, 2012.

Disclaimer

The Second Circuit Court of Appeals reversed approval of the settlement and returned the case to the District Court on June 30, 2016. Litigation is ongoing. No claim forms are available at this time, and no claim-filing deadline exists. If another settlement is reached, 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.

Questions?

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