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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.
The 2019 Payment Card Settlement, referred to as the Rule 23 (b) (3) Settlement is about the interchange fees charged to merchants that accepted Visa or Mastercard credit or debit cards between January 1, 2004, and January 25, 2019, and includes potential monetary compensation for past harms.
The Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, known as the “Settlement,” alleges that Visa and Mastercard breached antitrust laws by imposing high interchange fees on merchants. These fees were allegedly a result of collusion among the Defendants.
On March 15, 2023, the Court of Appeals for the Second Circuit unanimously upheld the district court's order giving final approval to the $5.54 billion settlement on behalf of U.S. merchants in the...
Robins Kaplan attorneys achieved an extraordinary $5.5 billion settlement in an interchange fee litigation pursuing the theory that Visa’s and Mastercard’s interchange fee structure and rules are anticompetitive.
The claim forms were mailed in the aftermath of a $5.5 billion settlement that partially resolved a long-running antitrust case in which the two credit card network giants were alleged to have overcharged merchants by exacting excessive interchange fees.
In a class-action lawsuit, the credit card companies were accused of working together to price-fix and inflate interchange fees to merchants during this 15-year period. The $5.54 billion payment card interchange fee settlement was reached on March 15, 2023, marking the biggest antitrust class-action settlement in US history.