MCAG and Clearent are excited to share the most recent news about the Visa/Mastercard Settlement. The Judge has approved the proposed claim form, and it’s expected they will start going out by mail in December 2023.

Visa/Mastercard Settlement Overview & How MCAG Can Help

As your advocate, we recognize that you may not have the resources or time to handle the filing of these types of claims. That’s why we have partnered with MCAG, a class action settlement filing expert to assist our eligible merchants with filing into the Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, better known as the Visa/Mastercard Settlement. MCAG is the leading industry expert in class action filings and they are prepared to assist you with settlement claim submission, data aggregation, and management of the claim process on your behalf.

MCAG will gather available historical data over the fifteen-year settlement period that pertains to your business locations, across multiple processors, and submit multiple claims as needed.  MCAG’s extensive expertise in analyzing merchant sales data reduces your potential burden with the submission process, including:

  • Eliminate the responsibility to track important dates and claim filing deadlines
  • Limit your administrative burden – no need for your staff to gather, analyze, or submit claim forms
  • Review of all relevant available data – the settlement covers Visa and Mastercard transactions from 2004 into 2019
  • Help ensure claim form compliance – MCAG’s processes are consistently validated via Settlement Administrator reviews
  • Recovery optimization managed by a seasoned industry expert

What Does This Mean for You?

This is a historic opportunity – the $5.5 billion available represents the most significant antitrust class action settlement to date. Eligible class members can seek reimbursement for a portion of their interchange fees paid during a fifteen-year period from January 2004-January 2019. We urge our merchants to consider using MCAG, a third-party filing expert, to work on your behalf on the Visa/Mastercard settlement. MCAG and Clearent will continue to monitor the status of this opportunity and notify our merchants as soon as more information becomes available.

What are Your Options?

In order to receive your share from the $5.54 billion fund, you must file a claim or have a claim filed on your behalf on or before the claim filing deadline when it is announced. Clearent has selected MCAG to help assist in filing claims for the Visa/Mastercard Class Action Settlement. Click here to learn more about their offering or to register for their service.

Payment Card Settlement Disclaimer: Claim forms will begin to be delivered and available online in December. No-cost assistance is available from the Class Administrator and Class Counsel during the claims-filing period. No one is required to sign up with any third-party service in order to participate in any monetary relief. For additional information regarding the status of the litigation, interested persons may visit http://www.paymentcardsettlement.com, the Court-approved website for this case.

Article by Clearent by Xplor

First published: November 16 2023

Last updated: May 30 2024