We know it can be a confusing journey so we have gone ahead and compiled a list of the most frequently asked questions from our clients to get you started!
Disclaimer: Class members need not sign up for a third-party service, such as Sagemont Services, in order to participate in any monetary relief from the settlement. No-cost assistance is available from the Class Administrator and Class Counsel during the claims-filing period. The Court-approved website containing all pertinent information can be found here: https://www.paymentcardsettlement.com/en
The settlement resolves claims that Visa and Mastercard, along with their member banks, violated antitrust laws by fixing card interchange fees at high levels. The settlement includes monetary relief for class members who accepted Visa or Mastercard payments at any time from January 1, 2004, to January 25, 2019.
We specialize in identifying settlement opportunities and guiding our clients through the claims process. Our expertise covers preparing the necessary documentation, negotiating with claims administrators, and ensuring our clients receive the full compensation they’re entitled to.
The Rule 23(b)(3) Settlement Class includes all entities that accepted Visa or Mastercard branded cards in the U.S. during the class period, with specific exclusions such as the Dismissed Plaintiffs, government entities, the defendants and their close affiliates, and financial institutions involved in issuing or acquiring card transactions.
If you do nothing, you will not receive any monetary benefit from the settlement. Additionally, unless you previously excluded yourself, you are still bound by the settlement’s terms and relinquish your rights to sue the defendants over these claims.
No. We do not practice law so we don’t provide legal counsel. We are not an attorney, class counsel or claims administrator. Sagemont Services is a class action settlement expert. We handle all of the settlement administration details including preparing and submitting any required documentation and claim forms, and working with settlement administrators to reconcile and distribute appropriate recoveries under the terms of the settlements.
No. The settlement website is www.paymentcardsettlement.com.
Yes. Go to the settlement website for more information: www.paymentcardsettlement.com.
When a cardholder makes a purchase with a credit or debit card, there is a fee attributable to those transactions, which is usually around 1% to 2% of the purchase price. Interchange fees typically account for the greatest part of the fees paid by merchants for accepting Visa and Mastercard cards. Visa and Mastercard set interchange fee rates for different kinds of transactions and publish them on their websites, usually twice a year.
If your business accepted Visa or Mastercard payments during the settlement period, you likely qualify.
The amount paid from the settlement fund will be based on your actual or estimated interchange fees attributable to Visa and Mastercard card transactions (between you and your customers) from January 1, 2004, through January 25, 2019. The amount of money each Authorized Claimant will receive from the settlement fund depends on the money available to pay all claims, the total dollar value of all valid claims filed, the cost of class administration and notice, applicable taxes on the settlement fund and any other related tax expenses, attorneys’ fees and expenses, and money awards to the Rule 23(b)(3) Class Plaintiffs for their representation of merchants in MDL 1720.
We blend expertise with meticulous attention to detail to secure the maximum possible recovery for your business. Our process is streamlined and robust, requiring minimal effort on your part, and we operate on a success fee basis, ensuring that our interests are perfectly aligned with our clients’ interests.