FAQ | SARGRP

Frequently Asked Questions

What is this lawsuit about?

This lawsuit is principally about the interchange fees attributable to merchants that accepted Visa or Mastercard credit or debit cards between January 1, 2004 and January 25, 2019, and Visa’s and Mastercard’s rules for merchants that have accepted those cards.

Class Plaintiffs claim that:

• Visa, and its respective member banks, including the Bank Defendants, violated the law because they set interchange fees.

• Mastercard and its respective member banks, including the Bank Defendants, violated the law because they set interchange fees.

• Visa and its respective member banks, including the Bank Defendants, violated the law because they imposed and enforced rules that limited merchants from steering their customers to other payment methods. Those rules include so-called no-surcharge rules, no-discounting rules, honor-all-cards rules, and certain other rules. Doing so insulated them from competitive pressure to lower the interchange fees.

• Mastercard and its respective member banks, including the Bank Defendants, violated the law because they imposed and enforced rules that limited merchants from steering their customers to other payment methods. Those rules include so-called no-surcharge rules, no-discounting rules, honor-all-cards rules, and certain other rules. Doing so insulated them from competitive pressure to lower the interchange fees.

• Visa and Mastercard conspired together about some of the business practices challenged.

• Visa and its respective member banks continued in those activities despite the fact that Visa changed its corporate structure and became a publicly owned corporation after this case was filed.

• Mastercard and its respective member banks continued in those activities despite the fact that Mastercard changed its corporate structure and became a publicly owned corporation after this case was filed.

• The Defendants’ conduct caused the merchants to pay excessive interchange fees for accepting Visa and Mastercard cards.

• But for Defendants’ conduct there would have been no interchange fee or those fees would have been lower. The Defendants say they have done nothing wrong. They claim their business practices are legal, justified, the result of independent competition and have benefitted merchants and consumers.

Features and Benefits of Lowest Intrest Loan

No, not all business will qualify. Our team will work with the settlement administrator to see if your business qualifies.

What is an interchange fee?

When a cardholder makes a purchase with a credit or debit card, there is an interchange 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.

How much money will I get?

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, which culminated in the Class Settlement Agreement, all as approved by the Court.

When will claim forms be available?

Claim forms are now available. Our team has begun collecting claim information now and will be submitting shortly on your behalf.

How will I know if I don’t qualify?

Our team will will work with the settlement administrator to determine whether you qualify. If you do not qualify, our team will let you know.

Do I have to pay SARGP anything if I don’t qualify?

No. You, only pay us a fee if we can recover something for your business. If we get your business money back, we are paid 30% out of the money paid back. settlement administrator to determine whether you qualify. If you do not qualify, our team will let you know.

Do I have to hire an attorney to help me?

Your business does not have to hire a lawyer in connection with this settlement. It makes sense for you to hire SARG to make sure you get all the money you are entitled to under this settlement. This settlement requires the submission of a timely and valid claim, and not all businesses will qualify for a payment. We will work closely with the claims administrator to get your business paid properly if you are qualified. Historically, nearly 95% of all those entitled to benefits in class action settlements never receive those benefits. Why is that? It’s because class members are not aware of the settlement, they do not know how to complete the required claim forms, they fail to complete the necessary documents, they fail to submit the claim forms on time, or they do not provide the necessary information when follow-up information has been requested by the settlement administrators. Our team will make sure your claim is properly and timely submitted and that there are no hiccups. We will also make sure you get the amount you are entitled to receive. If the amounts don’t match up, we will dispute the amount if we believe it is incorrect.

By signing the retainer, what are the main items I authorizing SARGP to do for me?

The Settlement Administrator and Class Counsel are available at no cost to your business to assist during the claims-filing period. Notwithstanding, by retaining our team, you are giving our team complete authority to communicate with the Settlement Administrator on you and your business’ behalf and to make any and all decisions related to your business’ status as a class member and in connection with your business’ claim. SARG shall serve as the sole representative for you and your business in connection with the settlement and in dealing with the Settlement Administrator for the entirety of the claim process, to receive from the Settlement Administrator your business’ claim form, to prepare, complete, and submit the claim to the Settlement Administrator; to communicate as necessary with the Settlement Administrator or Class Counsel about your business or its claim and the claim process, to respond to any follow-up requests from the Settlement Administrator for additional information or documentation necessary to prove a valid claim, and to ensure you and your business is properly and timely paid.

Where can I find additional information about the Settlement?

For more information about the Settlement, here is a link to the Payment Card Interchange Fee Settlement: https://www.paymentcardsettlement.com/en

What is the current settlement status?

The Settlement Administrator is currently accepting claim submissions. Claim Forms began mailing to all known Class Members on December 1, 2023, and will continue to be mailed on a rolling basis throughout the month of December. Please be patient.

What if I no longer have my business?

Your business does not have to be active now for you to qualify. The business just had to be in existence any time between from January 1, 2004 through January 25, 2019 and accepted Visa and Mastercard. Don’t worry if you closed your business or it was dissolved by your respective states division of corporations. Once you hire SARG we will work with the settlement administrator to confirm whether your businesses qualified.