In re: Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL No. 1720 (E.D.N.Y.)
This class action against the Visa and MasterCard credit card networks and their member banks alleges that the card networks and their member banks have conspired in violation of the antitrust laws to artificially raise "interchange fees," part of the fee that a merchant pays on each transaction made with a payment card. Boni & Zack represents Parkway Corporation, a parking lot owner/operator. This case has been consolidated into multidistrict litigation in the Eastern District of New York, with Parkway and several other merchants as representatives for a class of all merchants who accept credit and debit cards.
On November 9, 2012, the Court preliminarily approved a proposed settlement of this action. If finally approved, class members will recover approximately $7.2 billion, in addition to obtaining injunctive relief. Merchants can learn more about the settlement by visiting the official settlement website, www.paymentcardsettlement.com.