Settlement Recovery Group LLC
480 Washington Blvd., 26th Floor
Jersey City, NJ 07310
This summary is based on SRG’s review of publicly available documents. The court granted the settlement final approval on
December 13, 2019.
Plaintiffs allege that, between January 1, 2004 and the January 25, 2019,
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 January 25, 2019.
|$5.54 to $6.24 Billion|
|Not yet established;|
Claim forms are not yet available
File a Claim For Me
Please note that SRG may require additional information from you (the claimant) in order to meet requirements for the Payment Card Interchange Fee Settlement. In consideration for SRG filing a claim and seeking reimbursement on the claimant’s behalf, claimant agrees to pay SRG 25% of the face value of the reimbursement. There will be no compensation due SRG if claimant does not recover a reimbursement. SRG makes no guarantees as to the amount of the reimbursement.
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