• MC/V Class Action Lawsuit

    MasterCard/Visa Interchange Fee Class Action Settlement

MC/V Class Action Lawsuit

Details on the MC/V Class Action Lawsuit  Settlement and MCAG’s Service

It’s your money. We want to help you get it back!

In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation | MDL No. 1720

Settlement Fund: $6.2 billion
Eligibility Period: January 1, 2004 – January 25, 2019
Claim Filing Deadline: TBD

The lawsuit claims that merchants paid excessive interchange fees for accepting Visa and MasterCard because of an alleged conspiracy among the Defendants.

If your business accepted Visa or MasterCard payments any time from January 1, 2004 to January 25, 2019, you may be eligible to recover significant funds from the V/MC Class Action Law Suit Settlement.

Settlement Recovery Service Details

If you choose to engage MCAG for their Settlement Recovery Services, MCAG will:

  • Gather relevant business and payment information that may be available from our payment card processing partners.
  • Triangulate this data with the Settlement database(s) and other available sources.
  • File a complete and accurate claim into the Settlement in an effort to maximize your return.
  • Reconcile with the Settlement Administrator to help ensure that you receive a proper and timely recovery

The Settlement covers transactions dating back to 2004. Therefore, to compile as complete of a claim as possible, MCAG’s Enrollment Form gives merchants the opportunity to provide all of their past and present merchant IDs, business names, locations and processor names dating back to 2004.

Providing as much of your historical information as possible will help MCAG to attempt to access all available data and file a comprehensive claim. If historical information is missing, and if the Settlement allows, MCAG will also work with the Settlement Administrator to create an estimate that is supported by data.

Enroll with MCAG

If you have not enrolled in MCAG’s service, join over 150,000 businesses of all types that trust MCAG to manage settlement recoveries on their behalf. MCAG’s clients enjoy the following benefits:

  • MCAG uses merchant transaction data when negotiating a claim. They have a proven history of increasing recoveries by utilizing supporting data to optimize claims.
  • Via partnerships with dozens of payment processing companies, MCAG has unsurpassed access to transaction data to supplement claims on behalf of their clients whenever possible. This includes current and historical data for millions of merchants.
  • Relieves the potential burden of having to gather historical data pertaining to multiple locations across multiple processors, and submitting multiple claims.
  • Has experience working with the Settlement Administrator that is handling this Settlement so MCAG is familiar with the process to submit, track, and reconcile claims for all of your locations with the Settlement Administrator.

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What is the MC/V Class Action Lawsuit? / Why is there a Settlement?

The MC/V Class Action Lawsuit claims that merchants paid excessive interchange fees for accepting Visa and MasterCard because of an alleged conspiracy among the Defendants.

If your business accepted Visa or MasterCard payments any time from January 1, 2004 to January 25, 2019, you may be eligible to recover significant funds from this pending Settlement.

What is an Interchange Fee?

When a cardholder makes a purchase with a credit or debit card, there is an interchange fee charged to the merchant. This fee is usually 1% to 2% of the purchase price. Interchange fees typically account for the greatest part of the fees paid by merchants for accepting Visa and MasterCard.

Visa and MasterCard set interchange fee rates for different kinds of transactions and publish these rates on their websites, usually twice a year.

Why should I enroll with MCAG?

MCAG is an expert at identifying and recovering non-traditional high margin revenue for all types of organizations from class action settlements. They have experience and credibility in getting the most for your claim with the least effort on your part.

As part of its comprehensive services, MCAG will:

  • Acquire as much of the historical data applicable to the settlement as possible,
  • Fill out all of the necessary documentation,
  • Submit a claim for the maximum reimbursement,
  • Negotiate with the Settlement Administrator,
  • Reconcile returns on behalf of our clients, and
  • Distribute net recoveries from the settlement funds.

All of these services are performed on a contingent fee basis – if there is no recovery, there will be no fee.

If you do not file a valid and timely claim, or have a claim filed on your behalf by an authorized third party filing agent like MCAG, then you will not recover any money from the settlement.

What happens if I do not complete the Enrollment Form and do not return it to MCAG?

If you do not complete and return the Enrollment Form / Recovery Service Agreement to MCAG prior to the settlement’s filing deadline (which is yet to be determined by the Court), then MCAG will not file a claim in to this settlement on your behalf. Therefore, you must file a claim on your own or through another authorized 3rd party filing agent like MCAG if you wish to receive compensation from this settlement.

How much does this service cost?

How much does this service cost? MCAG works on a contingent fee basis so MCAG retains a portion of your settlement recovery amount. If your business is not entitled to a settlement recovery, then MCAG will not charge a fee.

What if I had multiple credit card processors dating back to 2004?

If you did not process with your current credit card processor all the way back to 2004, you can help MCAG in supplementing your history for the entire claim period. This information can be provided when you submit your Enrollment Form.

What if I want to submit a claim for the settlement on my own?

Class members are not required to sign up for a third-party service in order to participate in any monetary relief from this settlement. Also, the Court wants to communicate that no-cost assistance will be available from the Class Administrator and Class Counsel during the claims-filing period. You may file into the settlement on your own by following the steps outlined in the claim form that you will receive from the Class Administrator.

How much money can I expect to receive from this Settlement?

This is a fixed-fund settlement, and since we expect that the Settlement will be oversubscribed, all submissions will be pro rata reduced. At this time, there is no way to accurately estimate your return.

An oversubscribed fund means that the amount of funds submitted by the class as valid claims will be greater than the total funds available to be distributed to the class from the Settlement.

For example, if the total Settlement Fund = $5 billion and the total amount of valid claims submitted = $125 billion, then the payout from the Settlement will be a pro rata portion of each $1.00 submitted as claim. In this example, where $125 billion in claims is submitted to a $5 billion fund, each claimant would receive a gross payout of $0.04 for every $1.00 of valid claims submitted.

*Payment Card Settlement Disclaimer: On December 13, 2019 the Court granted final approval of the settlement filed on September 18, 2018 for the Rule 23(b)(3) Class Plaintiffs in this action. No claim forms are available at this time, and no claim-filing deadline exists. 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.