Visa and MasterCard Reach $5.54 Billion Settlement on Interchange Fees
Riverview Community Bank has partnered with MCAG, a class action settlement expert, who can streamline the filing process and secure recoveries from the "Visa/MasterCard Interchange Fee Class Action Settlement" [In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation | MDL No. 1720] ("Settlement").
This case claims that merchants paid excessive interchange fees for accepting Visa and MasterCard because of an alleged conspiracy among the Defendants. The Court granted final approval of this Settlement on December 13, 2019, and will establish a claims process whereby eligible merchants will be able to claim their share of the billions in settlement funds.
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 Settlement. Although the claim forms are not yet available and the filing deadline for claim submission has not been announced, you can engage MCAG now to ensure that a proper and timely claim is filed on behalf of your business.
If your business has multiple locations, we ask that you complete our Enrollment Form using information corresponding to your headquarters/primary location. Then select 'Yes' in the field below noting that you have more locations. Once you complete that submission, an MCAG Representative will contact you with instructions to easily provide further information for your organization such as additional locations, tax IDs, and merchant IDs.
If you own more than one business and the businesses operate as separate entities, then we suggest that you complete a primary enrollment form for each distinct business.