Restaurants and other merchants who accepted Mastercard and Visa between 2004 and January of 2018 may receive compensation under the terms of a settlement reached late in 2018. If you are a restaurant owner or other merchant in Texas, you should talk to a law firm to find out if you can file a claim as part of this class.
Why was the class action brought?
Over 13 years ago, large merchants in the United States brought a lawsuit against Mastercard and Visa, alleging that they unfairly engaged in price-fixing with respect to fees paid by merchants. These fees, which typically range between 2 and 3%, were set by Mastercard and Visa jointly to ensure profits for their member banks, the suit alleged.
Under U.S. antitrust law, it is illegal for competitors, such as Mastercard and Visa, to cooperate with each other in a way that fixes prices or otherwise limits competition to the detriment of consumers.
Who is part of the class?
The nation’s largest retailers opted out of the lawsuit a few years ago. They have different interests than the majority of retailers and were able to negotiate separately. Their separate negotiations delayed closure on this action by a few years, but with the settlement reached in 2018, smaller restaurant and retail owners can finally receive compensation once the court finalizes the agreement. According to a source quoted in a CNN article from September of 2018, this 2018 settlement means “larger merchants can now drop out without negating the deal for the smaller retailers.”
What could you expect to receive as a member of the class?
The exact amount that you could receive as a member of the class would vary with the amount of Mastercard and Visa charges you processed during the period between 2004 and January of 2018. You should consult a Texas trial lawyer with significant experience in business litigation to ensure your rights.
If you are a potential member of this class, do not delay speaking with an attorney who can help make sure you receive proper representation.