Plaintiffs allege that, between January 1, 2004 and the present,
Defendants Visa, MasterCard and several banks including Bank of America, JPMorgan Chase and Citigroup conspired to artificially inflate the prices of interchange fees that merchants' acquiring banks pay to customers' issuing banks in a credit or debit card transaction. Since the interchange fees are inflated, the discount fees merchants pay to accept card payments are in turn artificially high, and various rules prevent merchants from challenging the inflated fees.
What is interchange?
Interchange is a fee paid by a merchant's bank (also known as the acquiring bank) to the cardholder's bank (the issuing bank) to compensate the issuing bank for a portion of the risks and costs it incurs.
The eligible class consists of all persons, businesses and other entities that accepted Visa and/or MasterCard credit or debit cards in the United States from January 1, 2004 to the Settlement Preliminary Approval Date of January 24, 2019.
Not yet established;
Claim forms are not yet available
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