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Credit Card Settlement - Important Considerations for NATSO Members
February 21, 2013
By now, most retailers have received a "Notice of Class Action Settlement" regarding the proposed settlement in the class action litigation In Re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation (MDL 1720). As you know, a settlement has been proposed between the plaintiff class of merchants and the defendants (Visa, MasterCard and several banks). If you accepted Visa and/or MasterCard at any time between January 1, 2004 and November 27, 2012, or you accept them today, you are a member of the plaintiff class and you must decide whether to opt out, object to, or accept the settlement.
NATSO has developed an online memo and other documents to provide you with the information you need to consider the your options related related to the settlement. Please review the information carefully and feel free to contact Lisa Mullings with any questions you may have. Retailers who desire to opt out or object to the settlement must take action before May 28, 2013.
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More on Credit/Debit Fees
- Merchants Criticize Federal Reserve Decision to Maintain Interchange Fee Standards
- Credit Card Settlement Appeal Delayed Until Fall
- Judge Denies Request to Block Preliminary Approval of Swipe Fee Settlement
- NATSO, Other Plaintiffs to Appeal Swipe Fee Settlement
- Swipe Fee Settlement is Granted Preliminary Approval
- Majority of Named Plaintiffs Oppose Visa, MasterCard Settlement