Global InformationPayment card interchange fee and merchant discount antitrust litigation information
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. The suit was filed because of price fixing and other allegedly anti-competitive trade practices in the credit card industry. In February 2019, U.S. District Court Judge Margo K. Brodie approved a settlement in the case that amounted to $5.54 billion.[1] After four more years of litigation, in March 2023, the Court of Appeals for the Second Circuit affirmed the District Court’s final approval order, with a modification reducing service awards, and allowing the claims process to move forward.[2]
In December 2023, claim forms began mailing to millions of business owners in the class who accepted Visa and/or Mastercard payment cards during the 15-year class period from Jan. 1, 2004 to Jan. 25, 2019.[3] The claims period closes May 31, 2024.
- ^ "Court Announces $5.54-6.24 Billion Settlement Providing Payments to Merchants who Accepted Visa or Mastercard since 2004". U.S. District Court for the Eastern District of New York. PRNewswire. February 22, 2019.
- ^ "Dkt No. 503_Second Circuit Opinion.pdf" (PDF). Payment Card Settlement. U.S. Court of Appeals for the Second Circuit.
- ^ "Millions of U.S. Businesses Eligible for a Share of $5.54B Payment Card Settlement". Robbins Geller Rudman & Dowd LLP. PRNewswire. 1 December 2023.