Credit Card Swipe Fee Settlement



If your business accepted credit card payments from January 1, 2004 to January 24, 2019 you may be entitled to participate in the in the $5.54 Billion recovered in this class action settlement.



Settlement Amount: $5.54 Billion


REGISTER HERE

DEADLINE: February 2025



CLASS PERIOD:



January 1, 2004 through January 24, 2019



PROPOSED CLASS MEMBERS:



All businesses and other entities that accepted select credit and/or debit cards in the United States from January 1, 2004 to January 24, 2019. This Class does not include the named Defendants, their directors, officers, or members of their families, or their co-conspirators, or the United States Government.



DEADLINES:



- Deadline to Exclude Yourself from the settlement: July 23, 2019 (passed)

- Deadline to Object to the settlement: July 23, 2019 (passed)

- Fairness Hearing: November 7, 2019 (passed)

- Final Approval: Granted December 13,2019

- Filing Deadline: February 2025 (Originally May 2024)



BACKGROUND:



The dispute began in 2005, when credit card companies were still owned by banks. Merchants had accused them of violating antitrust laws by illegally inflating swipe fees, or interchange, that merchants pay on every purchase transaction and which banks use to fund consumers’ credit-card rewards.


In 2013, the parties struck a then-record $5.7 billion deal that was approved by U.S. District Judge John Gleeson, only to have a federal appeals court reject it three years later, ruling that a provision that barred merchants from suing over fees was unfair. Gleeson stepped down from the bench in 2016 and the case is now assigned to Judge Margo K. Brodie.


After tossing out the earlier settlement, the court divided the merchants’ claims into two separate classes, one that focused on monetary damages and the other on making changes to their business practices. The proposed settlement is for the class focused on monetary damages



WHAT IS AN "Interchange Fee":



When a cardholder makes a purchase with a credit or debit card, there is an interchange fee attributable to those transactions, which is usually 1% to 2% of the purchase price. Interchange fees typically account for the greatest part of the fees paid by merchants for accepting credit and debit card payments. The credit card companies set interchange fee rates for different kinds of transactions and publish them on their websites, typically twice a year.The dispute began in 2005, when credit card companies were still owned by banks. Merchants had accused them of violating antitrust laws by illegally inflating swipe fees, or interchange, that merchants pay on every purchase transaction and which banks use to fund consumers’ credit-card rewards.


RETURN TO OPEN SETTLEMENTS

This is not an official Court Notice. Information contained in this Summary is subject to change.



Required disclosure: claim forms are not yet available. Class Administrator and Class Counsel will be available for no-cost assistance during the claims-filing period more information is available on the court-approved website. Using a third-party recovery service is not required to participate however CARC believes that we provide services that could increase your potential recovery and that are unlikely to be provided by the free services offered by the Class Administrator or Class Counsel. ​



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