Credit Card Claims Services
Refund Claims Assistance for Businesses Accepting Credit or Debit Card Payments
If you accepted MasterCard or Visa credit or debit card payments between January 1, 2004 and January 25, 2019, you may be entitled to a refund if, as expected, the Second Circuit Court of Appeals approves a class action settlement for antitrust violations. As part of the largest class action settlement in the U.S., MasterCard, Visa and member banks will refund more than $5.5 billion to businesses that accepted their cards during the defined period.
If you accepted MasterCard or Visa credit or debit card payments between January 1, 2004 and January 25, 2019, you may be eligible for a refund of interchange fees if the class action settlement is upheld by the Court of Appeals.
What Is the Refund For?
The lawsuit claims rules were adopted by MasterCard, Visa and member banks to prevent competition or incentive that could have reduced interchange fees. So, businesses paid excessive fees for accepting payment via these cards. This is an antitrust violation.
When Will Refunds Be Issued?
Final arguments appealing the settlement were heard in March of this year. No one knows how long the appeal process may take. However, eligible businesses can use this time to prepare their claims now, so they are ready to file for refund if, as expected, the appeal is denied, and the settlement is upheld.
Where Can You Get the Forms Required to File a Claim?
Two forms will be required. THE FAQs ON THE SETTLEMENT SITE INDICATE FORMS WILL BE AVAILABLE AND SENT TO POTENTIAL CLAIMANTS ONCE THE APPEALS DECISION IS FINAL. SO CLIENTS MAY COME BACK AND ASK WHY THEY’RE GETTING THOSE IF THEY ALREADY COMPLETED THE FORMS THROUGH RBT.
Why Start Preparing Forms Now?
Merchants will be required to file a claim to receive a refund. It may take some time to gather the required documentation and information so you’re prepared to file during a defined claim period if, as expected, the settlement is upheld by the Court of Appeals.
How Much Is the Refund?
The district court approved a settlement amounting to between $5.54 and $6.24 billion, which is to be used to refund eligible merchants. As noted on Paymentcardsettlement.com FAQs, “The amount paid from the settlement fund will be based on your actual or estimated interchange fees attributable to Visa and Mastercard card transactions (between you and your customers) from January 1, 2004 through January 25, 2019. The amount of money each Authorized Claimant will receive from the settlement fund depends on the money available to pay all claims, the total dollar value of all valid claims filed, the cost of class administration and notice, applicable taxes on the settlement fund and any other related tax expenses, attorneys’ fees and expenses, and money awards to the Rule 23(b)(3) Class Plaintiffs for their representation of merchants in MDL 1720, which culminated in the Class Settlement Agreement, all as approved by the Court.”