Last Update :3/5/2019
Visa/MasterCard $6B Class Action Lawsuit Update
As previously posted in January, we expected the court to approve the final settlement of the long-awaited lawsuit against Visa U.S.A. Inc. ("Visa") and MasterCard International Incorporated ("MasterCard")
On January 24, 2019, the Court granted preliminary approval of a proposed settlement filed on September 18, 2018, a maximum of approximately $6.24 billion and a minimum of at least $5.54 billion in a class action lawsuit, called In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL 1720 (MKB) (JO). 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. A copy of the Court's Order is available HERE.
Registration is now open for businesses to register to receive future notices and required forms that will ensure their participation in the settlement program. You can register your business by going to the Payment Card Settlement website. While the final claim forms have not been released by registering you they will be sent directly to you when available. Should you have multiple businesses with separate tax ID numbers, it is recommended you register them separately.
We do anticipate businesses will soon begin receiving public notices via direct mail and/or printed publications. The Payment Card Settlement website provides extensive information that will aid you in determining whether you can or should participate in this settlement. Many golf course owners may find the amount of work required to meet the required supporting sales information to be more onerous than the potential settlement value.
NGCOA will continue to follow this issue and if you require assistance you can email me at email@example.com or by phone 843-471-2714.
Director of Advocacy
Daniel Island SC
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