Canadian Credit Card Class Actions
If you accepted VISA and Mastercard credit cards between March 23, 2001, and September 2, 2021, you may be eligible to receive money from the class actions settlements.
What is this Class Action about?
Class actions were started in Canada claiming certain banks and Visa and Mastercard (the “Defendants”) conspired to set higher interchange fees and to impose rules restricting merchants’ ability to surcharge or refuse higher cost Visa and Mastercard credit cards.
“Interchange Fees” are fees paid by merchants and collected by banks for transactions involving Visa and/or Mastercard credit cards in Canada.
Settlements totaling $188 CAD million were reached with Capital One, Citigroup, Bank of America, Desjardins, National Bank, Visa, Mastercard, CIBC, Royal Bank, Bank of Montreal, TD Bank, and Bank of Nova Scotia. Additionally, Visa and Mastercard have agreed to modify their no-surcharge rules to allow merchants to surcharge up to a cap, and to ensure this ability to surcharge remains in effect for a minimum of five years.
The settlements have received court approval, and there is a total of $131 CAD million in compensation available for distribution to class members after court-approved deductions (the “Net Settlement Amount”). The Defendants do not admit any wrongdoing or liability. The settlements resolve the class actions.
Who can receive payment under this Class Action?
Settlement Class Members who accepted payments by Visa or Mastercard credit cards as payments for goods or services in Canada between March 23, 2001, and September 2, 2021.
In order to participate in the Settlement, a Class Member must submit a claim no later than September 30, 2022.