DID YOUR BUSINESS ACCEPT ANY VISA-OR MASTERCARD BRANDED CARDS IN THE UNITED STATES FROM 2004-2019?
Eligible Class Members:
All persons, businesses, and other entities that accepted any Visa-or Mastercard-branded Cards in the United States at any time from January 1, 2004 to January 25, 2019. Excluded from this Class are (a) the Dismissed Plaintiffs, (b) the United States government, (c) the named Defendants or their directors, officers, or members of their families, and (d) financial institutions that have issued Visa-or Mastercard-branded Cards or acquired Visa-or Mastercard-branded Card transactions at any time from January 1, 2004 to January 25, 2019.
How much will a merchant recover?
A merchant will receive its share of the approximately $5.54 billion settlement fund based on its proportionate share of interchange fees that all claimants paid during the January 2004 to January 2019 Class Period.
In other words, recoveries will be based on the amount of a merchant’s card volume and on the total card volume submitted and approved for all claimants. That pro rata amount thus depends on how many merchants submit claims and the amount of card volume that those claims include. At this time, it is too early to tell how much that will be.
When is the settlement fund expected to be distributed to class members?
At the status conference held on September 7, 2023, the district court approved both the form of the proof of claim and the proposed claims filing period, which is expected to begin on December 1, 2023 and run through May 2024. That claim filing period will then be followed by an audit and deficiency period that, based on the process described by Class Counsel, likely will last many months. Based on Class Counsel’s disclosures a distribution may be conducted sometime in 2025.
To learn more and sign up: https://www.frsco.com/usmerchantpaymentsolutions/
Contact KenGivens@USmsTexas.com or call 888-995-3995