Visa Check/MasterMoney Claim Forms Should Be in Hand

According to an advisory from the law firm of Constantine Cannon, the lead counsel for the plaintiffs in the Visa Check/MasterMoney antitrust class action lawsuit, the mailing of claim forms to the millions of merchants who are members of the class was scheduled to be completed by September 29. If a bookseller accepted Visa and MasterCard debit cards between October 25, 1992, and July 31, 2003, and the bookstore has not received a claim form, the bookseller should contact the claims administrator and request a form immediately.

The claims administrator can be reached via phone at (888) 641-4437 (toll-free); via e-mail at admin@inrevisacheckmastermoneyantitrustlitigation.com; or by mail to Visa Check/MasterMoney Antitrust Litigation, Claims Administrator, P.O. Box 9000 #6014, Merrick, NY 11566-9000. Free help in completing the forms is available by calling the toll-free help-line at (888) 641-4437 or visiting the case website, www.inrevisacheckmastermoneyantitrustlitigation.com/.

Merchants that operate multiple stores may find that claim forms have been sent to their individual stores. Merchants who receive more than one claim form can have them consolidated into one claim to ensure that the merchant receives one check from the settlement fund. Retailers who receive multiple claim forms and want to consolidate them should alert their stores that any claim forms received by the stores should be sent to a central location.

Copies of this Advisory and the entire Plan of Allocation can be obtained at the case website or Constantine Cannon website.

The suit against Visa USA Inc. and MasterCard International Inc. was first filed in October 1996 by U.S. merchants that argued 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 since October 1992, or approximately five million large and small retailers, including independent booksellers.

The settlement in the Visa Check/MasterMoney lawsuit provides over $3.38 billion in compensatory relief and an injunction valued by the court in the range of $25 billion to $87 billion to merchants and consumers over the next decade, according to a July 20 Advisory from Constantine to the merchants in the Class.

Each merchant will receive a percentage of the damages based on its volume of debit and credit card transactions between October 25, 1992, and July 31, 2003, meaning larger retailers will receive a larger percentage. However, in September 2003, Constantine told BTW, "Even with a small store, the claim could likely be a couple of hundred dollars."

For a previous article on the lawsuit, click here.