Last November 2012, Judge John Gleeson of the U.S. Eastern District of New York gave preliminary approval to a proposed $7.25 billion antitrust settlement claim against Visa and MasterCard. OPC created a free online calculator to help merchants estimate their potential claim value along with a LinkedIn group to engage participants in the marketplace and to help them learn more about this proposed settlement.
U.S. Merchants who processed Visa and MasterCard credit and/or debit cards between January 1, 2004 and November 28, 2012 are members of $7.25 billion Visa and MasterCard settlement and eligible to participate in the claims process. In terms of the claims payouts, each claimant’s payment will be paid in proportion to all claimants’ damages or interchange paid over the nine years. OPC’s settlement calculator will help a merchant estimate the monetary value from two settlement funds – the $6.05 billion Cash Settlement Fund and the $1.2 billion Interchange Settlement Fund. The calculator can be found at: https://optimizedpayments.com/resources/calculators/settlement_calculator/.
To read more about the payment card interchange fee settlement or to access the settlement documents, go to https://www.paymentcardsettlement.com/en, the Official Court-authorized settlement website.
