Visa / MasterCard Merchant Fees National Class Action

VISA/MASTERCARD MERCHANT FEES CLASS ACTION SETTLEMENT ALERT

** UPDATE 10/15/2021 **

A settlement agreement has been reached with the remaining defendants in the file (Royal Bank of Canada, The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Bank of Montreal and The Bank of Nova Scotia).

The Settling Defendants will collectively pay a total of CAD $120 million for the benefit of the Settlement Class Members.

If the Proposed Settlement is approved, it will bring the Credit Card Actions to an end and will allow the distribution of the net settlement proceeds remaining after deduction of all court-approved fees, costs and expenses in respect of the Prior Settlements and the Proposed Settlement. It is estimated that there will be approximately $131,000,000 available for distribution to Settlement Class Members.

A hearing to consider approval of the Proposed Settlement, the Distribution Plan, a counsel fee of up to 30% of the recovered amounts, and disbursements and other expenses payable from the Settlement Amount will take place by video link as directed by the Courts on December 6, 2021 at the following times:

• 9:00a.m. PST (British Columbia Supreme Court, Vancouver)
• 10:00 a.m. MST (Court of Queen’s Bench of Alberta, Edmonton)
• 11:00 a.m. CST (Court of Queen’s Bench for Saskatchewan, Regina)
• 12:00p.m. EST (Quebec Superior Court, Montreal)
• 12:00 p.m. EST (Ontario Superior Court of Justice, Toronto).

A copy of the long-form notice is available here: Notice

** Updates have been made to the distribution plan after consultation with merchants. Changes made since the initial distribution plan was posted are identified in this document and are currently being considered by class counsel

** UPDATE 02/26/2016 **

A settlement agreement has been reached with the Fédération des caisses Desjardins du Québec, under which it will pay $9,900,000 for the benefit of the Settlement Class Members and provide cooperation that will assist with prosecuting the ongoing actions against the non-settling defendants in exchange for a full release of claims against it and its related entities. A copy of the Settlement Agreement is available here:

• Settlement Agreement Caisses Desjardins
• Convention de règlement

On February 26, 2016, the Superior Court of Quebec scheduled a motion for the approval of the settlement agreement for May 26, 2016 at 2:00 P.M. at the Montreal Court House located at 1, Notre-Dame St. East, Montreal, Quebec, in Courtroom 16.12. The Court ordered the following notice regarding that hearing:

• Notice to Class Members
• Avis aux membres

** UPDATE 12/07/2015 **

The Superior Court of Quebec has approved three (3) settlement agreements with Bank of America, Capital One, and Citigroup.

• Judgment Approving the Settlement Agreements

** UPDATE 08/27/2015 **

Three (3) settlement agreements have been reached in the Visa/MasterCard Merchant Fees Class Action. Under the first agreement, Bank of America has agreed to pay $7,750,000 for the benefit of Settlement Class Members. Under the second agreement, Capital One has agreed to pay $4,250,000 for the benefit of Settlement Class Members. Under the third settlement, Citigroup has agreed to pay $1,630,000. The settling parties have also agreed to provide certain evidence and co-operation to the Plaintiffs in pursuing their claims against the remaining Non-Settling Defendants. Copies of the Settlement Agreements are available here:

• Settlement Agreement Bank of America
• Accord de règlement Bank of America
• Settlement Agreement Capital One
• Accord de règlement Capital One
• Settlement Agreement Citigroup
• Accord de règlement Citigroup

On August 27, 2015, the Superior Court of Quebec scheduled a motion for the approval of the settlement agreements for November 23, 2015, 2013 at 9:30 AM at the Montreal Court House located at 1, Notre-Dame St. East, Montreal, Quebec, in Courtroom 15.07. The Court ordered the following notice regarding that hearing:

• Notice to Class Members
• Avis aux membres
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CONSUMER LAW GROUP has entered into a national consortium agreement in order to better and more efficiently prosecute this case together with the law firms Branch MacMaster LLP and Camp Fiorente Matthews.

For more detailed information, as well as, for further up-to-date documentation, please visit the website created exclusively for this class action at www.creditcardclassaction.com

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CONSUMER LAW GROUP has launched a Canada-wide class action lawsuit against Visa and MasterCard on behalf of merchants who accept as a method of payment these companies’ credit cards.

The class action is based on these companies imposing significant anti-competitive restrictions on merchants from trying to encourage customers to use lower-cost methods of payment and from declining to accept certain Visa and MasterCard credit cards with high fees.

To post a comment, please visit our blogs at www.visaclassaction.blogspot.com and www.mastercardclassaction.blogspot.com

The class action lawsuit identifies the group of affected persons as:

Merchant Class

o all residents in Canada who accepted as a method of payment for the sale of a good or service a credit card put onto the marketplace directly or indirectly by the Respondents, or any other group to be determined by the Court;

Alternately (or as a subclass)

o all residents in Quebec who accepted as a method of payment for the sale of a good or service a credit card put onto the marketplace directly or indirectly by the Respondents, or any other group to be determined by the Court;

If you or someone you know accepts Visa and MasterCard as payment for goods or services and you wish more information on potential compensation or to be kept advised of the status of the Visa / MasterCard Merchant Fees Class Action litigation or any resulting compensation from the Visa / MasterCard Merchant Fees Lawsuit in Canada, Quebec or Ontario, please provide your contact information to our law firm using the below form.

IF YOU WISH TO JOIN THE CLASS ACTION OR TO SIMPLY GET MORE INFORMATION, PLEASE COMPLETE THE FORM BELOW. Please note that providing your information creates no financial obligation for you. You are not charged any fee or cost for joining this class action. Our law firm is paid a contingency fee from the compensation recovered, only if the class action is successful. All information contained in this transmission is confidential and Consumer Law Group agrees to protect this information against unauthorized use, publication or disclosure.