After more than ten years of litigation, the Payment Card Interchange Fee Settlement is moving forward. Eligible merchants will be able to seek reimbursement for a portion of their interchange fees paid during a fifteen-year period, from January 2004 – January 2019.
During a recent Status Conference on September 7th, the Court:
- Approved the proposed claim form;
- Approved the Settlement Administrator to begin sending claim forms to class members December 2023; and
- Approved the Settlement Administrator’s plan to hire a PR firm to advertise the opportunity to all eligible merchants and create awareness surrounding this opportunity.
Why this matters to merchant acquirers and processors:
In the coming months, merchants will likely hear a lot about this settlement. They will also likely require additional information and may begin to reach out to their merchant services providers for guidance and assistance in filing their claims.
Over the past ten years, TSG has partnered with class action specialist MCAG, to assist the payments community with this settlement. MCAG is a leader in class action settlement recovery, and together with TSG has created and facilitated a program to assist all types of companies in the payments ecosystem who are interested in offering assistance to their merchants to collect money from this settlement. To date, the two companies have partnered with over 40 payments companies.
Read more about the settlement.
For more information, please contact us or call 1-402-964-2617