MRA credit card processing customers may recall that Michigan Retailers encouraged you to enroll in a program to help you get money back in a class action settlement against Visa and MasterCard concerning interchange fees.
After years of delays, the Court has preliminarily approved a $6.2 billion class action settlement among merchants, Visa, MasterCard and other Defendants. The lawsuit claims that merchants paid more fees than they should have for accepting Visa and MasterCard as payment from consumers.
What does this mean for you? If you accepted Visa or MasterCard any time from January 1, 2004, you may be eligible to receive cash from the funds available from the Settlement.
Michigan Retailers has partnered with MCAG, a class action settlement expert, to assist our eligible merchants with recovering cash. MCAG will submit your claim to the Settlement using your historical processing data – conveniently supplied by MRA – along with information provided by Visa/MasterCard that is made available by the Settlement Administrator.
If you’ve already enrolled, you don’t need to take any further action as MCAG has your information on file and will submit your claim when the claims period opens. If you haven’t enrolled, there’s still time to do so. It’s easy, and MCAG will take care of all the follow-up work once the window opens for litigants to make their claims.
There are no upfront fees. MCAG charges a contingent fee of 30 percent of recoveries. For this fee, MCAG will do all the data analysis, document preparation, claims filing, recovery and reconciliation. If there is no recovery from the Settlement, you will not be charged a fee.
Signing up is easy:
- Get more details and find the enrollment form on MCAG’s website for MRA merchants.
- Enter in your business information and that’s it!
- If you’d like help filling out the online form, please call our customer service department at 800.366.3699 and we can walk you through the form.
Disclaimer: On January 24, 2019, the Court granted preliminary approval of the settlement filed on September 18, 2018 for the Rule 23(b)(3) Class Plaintiffs in this action. No claim forms are available at this time, and no claim-filing deadline exists. If the settlement is granted final approval, no-cost assistance will be available from the Class Administrator and Class Counsel during any claims-filing period. No one is required to sign up with any third-party service in order to participate in any settlement. For additional information regarding the status of the litigation, interested persons may visit www.paymentcardsettlement.com, the Court-approved website for this case.
