Consumer Payment Card News

Debit Rebates

More than 8.1 million notices to merchants have been mailed this month in regard to the settlement of the debit card antitrust lawsuit against VISA U.S.A. and MasterCard International. Merchants who accepted VISA and MasterCard debit and credit card transactions between October 25, 1992 and July 31, 2003, are eligible to get a piece of the $3 billion settlement. Under terms of the settlements, VISA is set to pay $2.025 billion to merchants over the next 10 years and MasterCard is set to pay $1.025 billion over the same period. By December 22nd of this year, VISA and MasterCard must pay $350 million to the settlement fund and then pay $300 million every year for the next nine years. According to the American Bar Association, the $3.05 billion total settlement is the largest ever in an antitrust case. Any person or entity that received a copy of the Notice of Settlement in the beginning of July is already registered on the “Class Member List” and need do nothing at this time. Any merchant or other entity that has accepted VISA or MasterCard credit cards and debit cards dating back to October 25, 1992 that did not receive a notice by first class mail should request a copy of the full notice and register with the administrator, either by sending an e-mail to [email protected], or by calling 1-888-641-4437, or by writing The Garden City Group, Inc., PO Box 9000-6014, Merrick, NY 11566.; attn. In Re Visa Check/MasterMoney Antitrust Litigation.

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