FRS’s “Class Action of the Month” for January 2025 is Payment Card Interchange Fee and Merchant Discount.
In 2005, merchants filed several class action lawsuits alleging that, because Visa, Mastercard and certain U.S. financial institutions fixed fees for processing credit and debit card payments and prohibited merchants from steering their customers toward the use of lower-cost payment instruments, merchants paid higher interchange fees. If your business accepted Visa- or Mastercard-branded Cards from January 1, 2004 to January 25, 2019, you may be entitled to participate in the approximately $5.54 billion recovered in a settlement of this action. The claim filing deadline is February 4, 2025.
If eligibility is not met for the above class action, your business may still be eligible for other settlements. Contact us to learn more.