Payment Card Interchange

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This summary is based on SRG’s review of publicly available documents. The court granted the settlement final approval on December 13, 2019.

Overview

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.

Class

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.

Pending Settlements:	Filing Deadline:
$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.

Claimant Information:

Primary Location Address

City

State

Zip

Business Phone

Federal Tax ID For Filing Purposes*

Enter 9 digits(no dashes)

Merchant ID Visa/Mastercard Settlement)

Credit Card Payment Processor Name

Add a secondary location address

Claims Recovery Agreement

The Claimant hereby appoints Settlement Recovery Group, LLC (“SRG”) as its exclusive recovery agent with full assignment authority to prepare and submit Claimant’s present and subsequent claims in the Payment Card Interchange Fee Settlement (the “Interchange Fee Settlement”) pending in the US District Court, Eastern District of New York, No. 1:05-md-01720, and related cases. 
					
1.	Services.  Claimant may ultimately be eligible to receive a payment (the “Reimbursement”) as the result of entering into a claims recovery agreement in the Interchange Fee Settlement. SRG agrees to make reasonable efforts to file complete and accurate claims in accordance with any Court approved procedures in the Interchange Fee Settlement, and to seek payment of the Reimbursement on behalf of the Claimant.  Claimant has been informed of its right to file claims on its own behalf, but has decided to retain SRG to file its claims in the Interchange Fee Settlement.  This Agreement does not impose a duty on SRG to file a claim if Claimant is not eligible or if inadequate information is provided to SRG by Claimant.

2.	Claimant’s Obligations.  Claimant grants SRG with full power and authority to:  (a) prepare and file complete and accurate claims on Claimant’s behalf; (b) act as the sole contact with the Claims Administrator, Class Counsel and counsel for defendants for all matters relating to the claim(s); (c) request, gather and/or copy all necessary documentation to assist in settlement recovery; (d) receive any Reimbursement directly from the Claims Administrator in SRG’s name or jointly in SRG’s name and Claimant’s name; and (e) endorse and negotiate any such Reimbursement in SRG’s name or Claimant’s name in order to retain SRG’s contractual percentage of the Reimbursement received on Claimant’s behalf prior to sending Claimant’s contractual percentage of the Reimbursement to Claimant.  Claimant directs any third party who receives a copy of this document to act in reliance upon it.  Claimant shall provide SRG with complete and accurate information to file claims with the Claims Administrator.  As the claim is subject to audit by the Claims Administrator, Claimant shall retain the documentation supporting its claim (e.g., invoices, purchase orders, account statements or extracts of books and records) until the conclusion of the litigation.  Failure to provide such requested information to SRG might delay, adversely affect, or result in denial of Claimant’s claim.

3.	Compensation.  In consideration for providing the Services, 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.

4.	Confidentiality.  Claimant shall provide SRG with such documentation and other information as may be reasonably necessary to substantiate the claim(s).  SRG agrees to protect the confidentiality of all such information and to use the information only for the purposes of filing claims on behalf of the Claimant.  SRG shall not disclose confidential information to unaffiliated third parties without the prior written authorization of Claimant except as necessary to provide services under this Agreement.

5.	Indemnification. Claimant agrees to indemnify and hold harmless SRG against any liability, claims, judgments, losses, damages, expenses and costs, including court costs and reasonable attorneys’ fees, caused by the bad faith, willful misconduct or negligence of Claimant, its employees, agents or representatives with respect to the Agreement (except for liabilities, claims, judgments, losses, damages, expenses or costs which shall have been determined by a court of law pursuant to a final and nonappealable judgment to have directly resulted from SRG’s gross negligence or willful misconduct).  The prevailing party shall be entitled to reasonable attorneys’ fees and court costs in any action between the parties to enforce the indemnification rights contained in this paragraph.  These indemnity obligations shall survive the termination of this Agreement.

6.	Limitation of Liability.   NO OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, ARE MADE BY SRG WITH RESPECT TO ANY GOOD SOLD OR SERVICES PROVIDED HEREUNDER.  Notwithstanding any other term of this Agreement, in no event will any party be liable to the other party for special, indirect, incidental, exemplary, consequential (including but not limited to loss of profits) or punitive damages arising from the relationship of the parties or the conduct of business under this Agreement, except as provided otherwise under paragraph 5 (Indemnification) above.  In no case however, will SRG’s total cumulative liability or obligations under the terms of or arising out of this Agreement exceed the amount of the Reimbursement net of SRG’s fee.

7.    Governing Law.  This Agreement and all its rights and obligations under it shall be construed according to the laws of the State of New York without regard to the conflict of laws provisions thereof.  The parties agree that any and all disputes, controversies or claims arising out of or relating to this Agreement (including any breach hereof) shall be subject to the exclusive jurisdiction of the state and federal courts in New York County, New York and the parties hereby waive any defenses on the grounds of lack of personal jurisdiction of such courts, improper venue or forum non conveniens.

8.	Fees and Expenses.  In the event Claimant receives the Reimbursement directly from the Claims Administrator, Claimant shall pay such fees within thirty (30) days of receipt of the Reimbursement or upon such other terms as may be agreed to by the parties.  Past due amounts are subject to an additional charge of 1.5% per month or the maximum amount allowable by law, of the outstanding and overdue balance, plus the reasonable and direct costs of collection incurred by SRG in the recovery of these amounts, including reasonable attorneys’ fees and court costs.

9.	Entire Agreement.  This Agreement constitutes the only agreement relating to the subject matter discussed herein between the parties hereto and supersedes any and all other previous agreements relating to this subject matter.  This Agreement cannot be modified or changed by either party unless the modification is done in writing and signed by both parties hereto.

10.	DISCLAIMERS.  SRG IS NOT AFFILIATED WITH THE CLAIMS ADMINISTRATOR, CLASS COUNSEL OR ANY PARTIES ASSOCIATED WITH THE INTERCHANGE FEE SETTLEMENT.  AS SET FORTH IN PARAGRAPH 3 ABOVE, SRG CHARGES A FEE FOR THE SERVICES.  THE SERVICES INCLUDE ASSISTING CLAIMANT IN FILING A CLAIM.  CLAIMANT IS NOT REQUIRED TO USE SRG’S SERVICES TO FILE A CLAIM, BUT HAS VOLUNTARILY CHOSEN TO DO SO.  NO-COST ASSISTANCE WILL BE AVAILABLE FROM THE CLAIMS ADMINISTRATOR AND CLASS COUNSEL DURING THE CLAIMS-FILING PERIOD. AT THE TIME OF EXECUTING THIS AGREEMENT, CLAIM FORMS ARE NOT YET AVAILABLE.  THERE WILL BE NO FEE OR EXPENSE TO CLAIMANT IF CLAIMANT DOES NOT RECOVER.  THERE IS NO GUARANTEE THAT CLAIMANT WILL RECOVER ANY MONEY.  SRG IS NOT A LAW FIRM AND IT DOES NOT GIVE LEGAL, TAX OR OTHER ADVICE.  FURTHER INFORMATION ABOUT THE CASE CAN BE FOUND ON THE COURT’S DOCKET, THE OFFICIAL SETTLEMENT WEBSITE WWW.PAYMENTCARDSETTLEMENT.COM AND RELATED SITES.

I understand and agree that by checking this box I have read and understand the terms and conditions and the privacy policy and my agreement will be legally binding and enforceable as the legal equivalent of a handwritten signature.*

To submit form, please check the Terms above

SRG is not affiliated with the official claims administrator, class counsel or any party in the case. SRG is a third party service that can be hired to file and track claims. We specialize in helping companies file claims to obtain their share of settlement money from class action lawsuits once a settlement has been reached. Our services are voluntary and are not required to file a claim. No-cost assistance will be available from the Class Administrator and Class Counsel during any claims-filing period. Official documents and information on the case can be found on the Court-approved case website www.paymentcardsettlement.com. This summary is not and should not be construed as legal, tax or other professional advice.

Payment Card Interchange Fee and Merchant Discount Settlement

Overview

What is Interchange?

Class

File a Claim For Me