10|2024
Did your business accept credit cards between January 2004 and January 2019?
Keep reading to find out if you qualify for this class action settlement.
You may or may not be aware that in September, a judge recently approved the Visa/ Mastercard class action settlement for a lawsuit alleging merchants paid excessive interchange fees for accepting Visa and Mastercard payments over a 15-year period.
If your business accepted Visa or Mastercard at any point between January 2004 and January 2019, you may be eligible to recover a portion of the settlement. The $5.5 billion+ settlement fund will be distributed among merchants who did not opt out of the class action. Merchants must file a claim to be eligible for any distributions.
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will be distributed among merchants
We recognize that class action settlements can be very complicated and that you prefer to focus on what matters most – your business. We have partnered with MCAG, a class-action settlement expert, to assist you in the claims process to receive any eligible funds from the settlement with minimal effort.
Frequently Asked Questions
What is the Visa/Mastercard Interchange Fee Settlement Recovery?
A lawsuit was filed that claimed merchants paid excessive interchange or swipe fees for accepting Visa and Mastercard payments because of an alleged conspiracy among Visa, Mastercard and the Bank Defendants.
After years of delays, the court approved this settlement, the proposed claim form, and the tentative claim filing period. The claim filing process is expected to open in December 2023.
Do I qualify to file a claim for revenue recovery from the Fee Settlement?
If your organization accepted Visa or Mastercard payments in the U.S. at any time from January 1, 2004, to January 25, 2019, you may be eligible to recover significant funds from this Settlement.
What is required to file a claim for Fee Settlement Recovery?
Maximizing your share of the funds may involve collecting, filing and tracking information from multiple store locations, if applicable, and merchant IDs – which
could be a time-consuming and arduous task. The filing process is expected to begin in December 2023.
How can I get help filing my Fee Settlement claim?
Fiserv has partnered with MCAG, a class action settlement recovery expert, to help you meet submission requirements and claim your share of the funds with minimal effort.
Enrolling in MCAG services is completely optional. Their recovery service includes all the necessary data analysis, document preparation, claims filing, recovery and reconciliation for enrolled businesses. If no money is recovered, MCAG will not charge or retain a fee.
What is MCAG?
MCAG is a revenue recovery consulting firm where experts identify and recover non-traditional high margin revenue for all types of organizations from class action
settlements. They are an advocate for 75,000+ clients, helping them reduce the complexity and burden of class action settlement navigation while recovering funds.
What Services does MCAG provide as part of the Settlement Recovery Service?
- Provide guidance and assistance in retrieving the applicable documentation and information
- Prepare any required forms and ensure an accurate and timely claim submission
- Work with settlement administrators to reconcile and distribute the appropriate recovery under the terms of the settlements
- Find future settlement opportunities applicable to your organization
Do you provide legal advice?
No. MCAG, CardConnect, and Fiserv do not practice law nor provide legal counsel. As a class action settlement expert, MCAG handles all of the settlement administration details including preparing and submitting any required
documentation and claim forms. They also work with settlement administrators to reconcile and distribute appropriate recoveries under the terms of the settlements.
If you want legal advice or legal services, you should contact class counsel or an attorney of your choosing.
How do I register for MCAG services to file my recovery claim to the Settlement Administrator for my business?
To register for MCAG’s services, visit mcagregister.com and enter access code FDCIRA. You may sign up now to get a head start, even before the Settlement Claims process is announced. MCAG will file and manage your claim, after the Settlement Process opens.
