Visa Check/MasterMoney Antitrust Lawsuit Payout Update

The law firm of Constantine Cannon, the lead counsel in the Visa Check/MasterMoney antitrust class action lawsuit, recently issued a merchant advisory regarding the distribution of cash payments to class members. The law firm noted that the second round of cash disbursements began at the end of June and that it expects that the final round would be ready for payment at the end of 2006.

In the merchant advisory, Constantine Cannon announced that it had directed the claims administrator to begin its second round of distribution, mailing checks to class members whose claim forms had been submitted and approved for payment by March 31, 2006. The current distribution includes some 494,000 payments totaling over $600 million. The first round of distribution occurred in December 2005, when approximately 23,000 claim checks were mailed. Constantine Cannon expects that the vast majority of the remaining "claim forms involving payments for signature debit and credit card overcharges will be approved and ready for payment by the end of 2006." Payments for online PIN debit overcharges will be made to all qualifying class members in 2007.

Booksellers who want to find out whether their claims are among those being paid in the current round of distribution may log onto the claims administrator website. (Once at the website, click on the sidebar option "June 2006 Claims Distribution" and then enter in the claim number and control number found on the claim form.)

The suit against Visa USA Inc. and MasterCard International Inc. was first filed in October 1996 by U.S. merchants who argued that Visa and MasterCard's "honor all cards" practice -- requiring retailers to accept both credit cards and the Visa/MasterCard debit cards -- was a violation of federal antitrust law. Plaintiffs in the case included about 20 of the nation's largest retailers, including Wal-Mart and Sears, Roebuck & Co. In addition to the named plaintiffs, the lawsuit was a class action representing any merchant that had accepted Visa or MasterCard debit cards between October 1992 and July 2003, or approximately five million large and small retailers, including independent booksellers.

Additional information regarding the claims and payment process is available by calling (888) 641-4437 or visiting the claims administrator website.