The Supreme Court issued preliminary approval on a proposed settlement in the "In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation." (Not a typo)
The Court has given preliminary approval to a proposed maximum payout of approximately $6.24 billion and a minimum of at least $5.54 billion in a class action lawsuit called In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL 1720 (MKB) (JO). The lawsuit is about claims that merchants paid excessive fees to accept Visa and MasterCard because Visa and MasterCard, individually, and together with their respective member banks, violated U.S. antitrust laws.
This settlement will be awarded to all persons, businesses, and other entities that have accepted any Visa-Branded Cards and/or MasterCard-Branded cards in the United States at any time from January 1, 2004 to January 25, 2019, except for certain Dismissed Plaintiffs. In which case, there is a 99.9 percent chance you are not on this list. For more information about the "Dismissed Plaintiffs" you can visit the "Official Court-Authorized Settlement Website" by clicking here.
Did you receive a letter in the mail that looks like this?
This letter was sent out to all persons, businesses, and other entities who will automatically receive a claim form once the court has fully approved the settlement. If you did not receive this letter by mail and you still accepted Visa/MasterCard during the dates mentioned in the settlement; you can still receive a claim form by pre-registering on the "Official Court-Authorized Settlement Website" by clicking here.