Visa Mastercard $5.4 Billion Settlement

DID YOUR BUSINESS ACCEPT ANY VISA-OR MASTERCARD BRANDED CARDS IN THE UNITED STATES FROM 2004-2019?

Who are Eligible Class Members?

All persons, businesses, and other entities that accepted any Visa-or Mastercard-branded Cards in the United States

at any time from January 1, 2004 to January 25, 2019. Excluded from this Class are (a) the Dismissed Plaintiffs, (b) the United States government, (c) the named Defendants or their directors, officers, or members of their families, and (d) financial institutions that have issued Visa-or Mastercard-branded Cards or acquired Visa-or Mastercard-branded Card transactions at any time from January 1, 2004 to January 25, 2019.

How much will a merchant recover?

A merchant will receive its share of the approximately $5.54 billion settlement fund based on its proportionate share of interchange fees that all claimants paid during the January 2004 to January 2019 Class Period.

In other words, recoveries will be based on the amount of a merchant’s card volume and on the total card volume submitted and approved for all claimants. That pro rata amount thus depends on how many merchants submit claims and the amount of card volume that those claims include. At this time, it is too early to tell how much that will be.

When is the settlement fund expected to be distributed to class members?

At the status conference held on September 7, 2023, the district court approved both the form of the proof of claim and the proposed claims filing period, which is expected to begin on December 1, 2023 and run through May 2024. That claim filing period will then be followed by an audit and deficiency period that, based on the process described by Class Counsel, likely will last many months. Based on Class Counsel’s disclosures a distribution may be conducted sometime in 2025.

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Inflation Pushes Consumer Sentiment Lower

In the latest economic snapshot, the Michigan Consumer Sentiment Index took an unexpected turn, landing at 60.4 in its preliminary November reading, defying expectations for the fourth consecutive month.

The plot thickens as high interest rates and mounting inflation concerns take center stage, dimming the economic outlook for consumers. Despite a positive uptick in current and expected finances, there's been a notable 12% dip in long-term economic optimism. Enter Federal Reserve Chair Jerome Powell, suggesting the possibility of cranking up interest rates further, injecting a dose of anticipation into the storyline.

Stay tuned and keep a close watch on these developments, as the dip in consumer sentiment and inflation concerns may influence consumer spending and demand. It's time for strategic fine-tuning to navigate these dynamic market conditions with confidence!

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I have 15 years of experience in payments and specialize in helping businesses stay competitive with Payment systems that grow sales and minimize costs.

At CMS we offer faster funding, a problem solving attitude, and more integrated payment options for your customers.  Let’s connect and improve your bottom line. I'm happy to be a resource for you!

Nathan Ralls