As your payments processor and merchant advocate, WorldPay is closely following and working diligently to keep our customers informed on the latest news regarding the proceedings related to the “Visa® MasterCard® Interchange Fee Class Action Settlement” (In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL No. 1720). While final approval of the Settlement by the Court is still pending, unless you submitted an exclusion request to the Settlement Administrator in writing by May 28, 2013, you have several options available to you once the claims period opens.
The Settlement arises from allegations that merchants paid excessive fees (interchange fees) for accepting Visa and MasterCard because of an alleged conspiracy among the Defendants. It also alleges that merchants had to follow unfair rules that limited their ability to steer customers to other payment methods. The Settlement has funds totaling $6+ billion and is designed to provide cash and other relief for all merchants that accepted Visa and MasterCard purchases between January 1, 2004 and November 28, 2012.
To simplify a potentially very complicated and data-heavy claims process, WorldPay has selected Managed Care Advisory Group (MCAG), a class action settlement expert, to assist in the process of confirming that your business meets the criteria necessary to participate in the Settlement. If and when a final approval is granted for the Settlement, WorldPay and MCAG will be able to offer claims filing assistance to our merchants.
WorldPay will soon be communicating more information about MCAG, its benefits and services. Additionally, we will continue to bring you any updates in regards to the Settlement and assistance with filing a claim as soon as new, relevant information is available.
To review more about the lawsuit, please visit the Official Court-authorized settlement website at https://www.paymentcardsettlement.com/en. If you have any questions, please contact your personal Account Executive or call Customer Care at 800.859.5965, Option 3.
In this issue
- A Letter From Tony Catalfano
- Featured Article
- Quick Tips
- Product Spotlight
- Success Story
- Worldpay Updates
- Industry Updates