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.
What is the MC/V Class Action Lawsuit? / Why is there a Settlement?
What is an Interchange Fee?
Why should I enroll with MCAG?
What happens if I do not complete the Enrollment Form and do not return it to MCAG?
How much does this service cost?
What if I had multiple credit card processors dating back to 2004?
What if I want to submit a claim for the settlement on my own?
How much money can I expect to receive from this Settlement?
*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.