Payment Card Interchange Fee and Merchant Discount Antitrust Litigation
$5.56 to $6.26 billion
BACKGROUNDPlaintiffs allege that defendants Visa, MasterCard and their member banks have engaged in anti-competitive practices, including collusion, that artificially inflated the interchange fee that all merchants paid (and continue to pay) to accept Visa and MasterCard branded credit and debit cards. It is further alleged that interchange fees, which are neither cost-based nor negotiated between merchants and the banks with whom they deal directly, raise merchant discount fees to supra-competitive levels and have generated enormous profits for the Bank Defendants with respect to interchange fees in violation of Section 1 of the Sherman Act.
Who is Eligible?All persons, businesses, and other entities that have accepted Visa and/or MasterCard Credit and/or Debit Cards in the United States from approximately January 1, 2004 to January 25, 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.
- The Visa network and its member banks
- The MasterCard network and its member banks