Interchange Fee Settlement

Summary of the Interchange Fee Settlement
The U.S. District Court for the Eastern District of New York approved a Class Settlement among merchants, Visa, MasterCard, and other Defendants in a class action lawsuit. The class action lawsuit, called In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL No. 1720 (JG)(JO), claims that merchants paid excessive fees to accept Visa and MasterCard cards because Visa and MasterCard, individually, and together with their respective member banks violated antitrust laws.

Final approval of the merchant class settlement agreement was granted by Judge John Gleeson on December 13th, 2013. The fairness hearing for the Payment Card Interchange Fee Settlement was held on September 12, 2013. Update: 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.


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.

VeriProcess Claims Filing Services:
VeriProcess provides claims recovery services and is not affiliated with class counsel or the settlement administrator. 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.