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To learn how to object, visit www.PaymentCardSettlement.com or call 1-800-625-6440. Note: Merchants who exclude themselves from the Settlement Class cannot object to the settlement. Eventually file a claim to ask for payment. To receive payment, merchants will be required to fill out a claim form.
Visa and MasterCard, along with some top US banks, have agreed to pay as much as $6.2 billion in a class action settlement with US retailers over swipe fees. The suit has been settled before, but the original settlement reached in 2012 was rejected by major merchants as unfair and overturned on appeal.
To learn how to object, visit www.PaymentCardSettlement.com or call 1-800-625-6440. Note: Merchants who exclude themselves from the Settlement Class cannot object to the settlement. Eventually file a claim to ask for payment. To receive payment, merchants will be required to fill out a claim form.
Payment Card Interchange Fee Settlement The lawsuit is about 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 the antitrust laws.
Once the transaction has been confirmed by the issuing bank and merchant bank it is considered authorized and will post as pending. Generally, a transaction will be pending for one to two days before it is posted to an account. Settlement with the settlement bank usually initiates the final posting.
Interchange fees are charged to merchants by card networks for processing a debit or credit payment. These fees make up a majority of the cost involved in accepting a card payment. Though interchange fees are collected by the card networks, they are paid out to the bank that issued the payment card.
The Payment Card Interchange Fee and Merchant Discount Antitrust Litigation is a United States class-action lawsuit filed in 2005 by merchants and trade associations against Visa, MasterCard, and numerous financial institutions that issue payment cards.
Visa and MasterCard, along with some top US banks, have agreed to pay as much as $6.2 billion in a class action settlement with US retailers over swipe fees. The suit has been settled before, but the original settlement reached in 2012 was rejected by major merchants as unfair and overturned on appeal.
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