FRS’s “Class Action of the Month” for December 2022 is Canada Credit Card Fees.
Class action lawsuits were commenced in Canada alleging that Visa, Mastercard and certain banks that issue credit cards participated in a conspiracy to increase or maintain the fees paid by merchants on credit card transactions. The parties have reached settlements totaling $188.53 MILLION (CDN). If your business or governmental entity accepted payment by Visa- and/or Mastercard-branded credit cards in Canada from March 23, 2001 through September 2, 2021, you may be entitled to participate in these settlements. The deadline for documented claims is December 30, 2022.
The Defendants are: Visa, Mastercard as well as other banks which issue credit cards (hereafter, the “Issuing Banks”) including: 1) Bank of America Corporation and BOFA Canada Bank (collectively, “Bank of America”); 2) Bank of Montreal (“BOM”); 3) Bank of Nova Scotia (“BNS”); 4) Canadian Imperial Bank of Commerce (“CIBC”); 5) Capital One Bank (Canada Branch) and Capital One Financial Corporation (collectively, “Capital One”); 6) Citigroup Inc. (“Citigroup”); 7) Fédération Des Caisses Desjardins Du Québec (“Desjardins”); 8) National Bank of Canada Inc. (“NBC”); 9) Royal Bank of Canada (“RBC”); and 10) The Toronto-Dominion Bank (“TD”).
If eligibility is not met for the above class action, your business may still be eligible for other settlements. Contact us to learn more.