A legal notice in mainstream media, including the Financial Times, yesterday informed merchants of the expected Visa and MasterCard settlement of over $6bn.
This comes after a lawsuit claiming they violated antitrust laws ended in a class action settlement.
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The notice stressed: "The Court has not decided who is right because the parties agreed to a settlement.
"On November 27, 2012, the Court gave preliminary approval to this settlement."
Full details of the settlement appear on the Payment Card Settlement website, along with advice for merchants on how to file a claim and what they should expect from the settlement.
The settlement was first announced in July 2012 to end a dispute that began in 2005 when a class of 7m US merchants accused them, and nine major US issuers, including JPMorgan Chase, Bank of America and Wells Fargo, of conspiring to impose high swipe fees.
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By GlobalDataUnder the terms of the settlement, Visa, MasterCard and the bank defendants will make payments to two funds.
The first, a cash fund of $6.05bn, will pay for valid claims from individuals and businesses who accepted Visa or MasterCard credit or debit cards between January 1, 2004 and November 28, 2012.
The second, an interchangeable fund estimated to amount to around $1.2 bn, is equivalent to a portion of interchange fees attributable to certain merchants who accepted Visa or MasterCard credit cards for an eight-month period starting from July 29, 2013.
Settlement benefits also require Visa and MasterCard to modify some of their rules for merchants who accept their cards.
This will allow merchants to charge customers an extra fee if they pay with Visa or MasterCard credit cards, and offer discounts to customers who do not.
A court hearing to decide whether to approve the proposed settlement will take place on September 12, 2013.
Related articles:
Judge approves Visa and MasterCard’s swipe-fee deal
Restaurant Association rejects Visa and MasterCard’s swipe fee settlement
