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Latest news on the Visa®/MasterCard® Class Action Lawsuit

One of the most closely watched court cases – for anyone who accepts credit cards – is the class action lawsuit claiming business owners paid excessive fees because of an alleged conspiracy between Visa and MasterCard (Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL No. 1720).1

The US District Court for the Eastern District of New York has provided preliminary approval of a settlement that will provide more than $6 billion to compensate class action members.

To ensure our customers receive the settlement dollars to which you’re entitled, we’ve hired Managed Care Advisory Group (MCAG) – experts in class actions – to help confirm each customer meets the criteria to participate and help secure your entitlement. MCAG will charge no up-front fees for their service and will be paid instead based on a percentage of funds collected for each participant.

We want you, our valued customers, to know that we are closely following the proceedings related to the settlement. As of now, the court has not provided a final approval for the settlement, and an expected date for a final approval is unknown.

WorldPay’s partnership with MCAG will help ensure that if and when a final approval is granted for the settlement, we will be able to offer claims filing assistance to our merchants that are eligible members of the settlement class. WorldPay will communicate any updates in regards to the settlement and provide assistance with filing a claim as soon as new, relevant information is released by the court.

While MCAG’s expertise in navigating the often complicated filing requirements in and of itself is well worth the costs, we strongly believe their history of increasing recoveries by an average of 52% is in the best interest of our customers. If you submitted an exclusion request to the class action settlement administrator prior to the May 28, 2013 deadline, you will be automatically excluded from the MCAG program.

We will continue to be an advocate on your behalf, and we believe that the opportunities MCAG represents can help benefit you through this complicated process. Visit the official court authorized web site, http://www.paymentcardsettlement.com/en, for the latest developments and details about the case.

1Payment Card Settlement | Official Court-authorized website:
https://www.paymentcardsettlement.com/en