MCV FAQs
QUESTION:
Who is entitled to receive payments under the settlement?
ANSWER:
All U.S. merchants who accepted Visa and/or MasterCard credit card transactions for payment in the contiguous United States (and Alaska and Hawaii) at anytime between October 25, 1992 and June 21, 2003 are Class Members eligible to receive payments under the settlement. (Excluded are merchants who formally “opted-out” of the settlement.)
QUESTION:
How do I collect my share of the settlement?
ANSWER:
You must send a signed and completed claim form to the Claims Administrator, The Garden City Group, at the following address:
In Re Visa Check/MasterMoney Antitrust Litigation
Claims Administrator
P.O. Box 9000 #6014
Merrick, NY 11566-9000
Claims can also be filed electronically on the Claims Distribution website at:
www.inrevisacheckmastermoneyantitrustlitigation.com.
QUESTION:
What is the deadline for filing my claim?
ANSWER:
While the deadline (indicated on your claim form) for submission of these forms was originally set at October 28, 2005 (for forms challenging a merchant’s estimated claim) and November 28, 2005 (for those without a challenge), the Court has extended the deadline for all filings to December 28, 2005. These claim forms must be postmarked no later than that date. Claims filed electronically must be received by the same December 28, 2005 deadline as paper claims.
QUESTION:
How do I obtain a copy of the claim form?
ANSWER:
Claim forms were mailed between September 19 and 29, 2005 by The Garden City Group to all merchants who received a Notice of Pendency in 2002 and/or Notice of Settlement in 2003, and all merchants who were otherwise identified as Class Members by the Claims Administrator (from information provided by Visa and/or the nation’s major credit card processing companies).
If you have not received a claim form, please immediately contact The Garden City Group at either admin@inrevisacheckmastermoneyantitrustlitigation.com or 888-641-4437. Please provide them with the name of your company, your contact information, and the period(s) during which you accepted Visa and/or MasterCard transactions between October 1992 and June 2003.
QUESTION:
What do I do if I receive multiple claim forms?
ANSWER:
If you owned or operated more than one business, or had multiple business locations during the period October 1992 through June 2003, you may have received a claim form for each business and/or location.
If you received more than one claim form (and had multiple businesses and/or locations), you can request that your claims be consolidated.
If you only owned or operated one business, at one location, and received more than one claim form, you should only complete and submit one form.
QUESTION:
How do I consolidate my claim forms?
ANSWER: In order to consolidate your claim forms, you will need to provide the Claims Administrator with the following information:
1. A list of all your stores and store addresses that accepted Visa and MasterCard transactions between October 1, 1996 and June 21, 2003;
2. A list of all the claim and control numbers located on the first page of the claim forms you have received;
3. The address to which you would like your consolidated claim form sent;
4. The Card Acceptor ID numbers (or Merchant ID numbers) assigned to you and/or your store locations since 1996. (You should be able to confirm these numbers by contacting your merchant acquiring bank (or third-party processor));
5. The acquirer Bank Identification Numbers (BINs) for Visa acquiring banks that contracted with you since 1996. (You should be able to confirm these numbers by contacting your merchant acquiring bank (or third-party processor)); and
6. A list of all wholly-owned U.S. subsidiaries which accepted Visa and MasterCard for payment in the United States that you would like consolidated into one claim form.
If your business or organization purchased or sold store locations, or purchased or sold a business or organization that is a member of the Class, during the period October 1, 1996 through June 21, 2003, please consult the document titled “Methodology For Calculating Estimated Cash Payment” on the Claims Distribution Website at:
www.inrevisacheckmastermoneyantitrustlitigation.com for additional information.
What if I received two claim forms, one with an estimate and one without for the same location?
ANSWER:
In some cases, the Claims Administrator may have identified a retailer through multiple sources: one source which allowed an estimate to be calculated and one source which did not. If, for example, the names, address or other identifying information provided by the two sources differed even slightly, out of an excess of caution and to help ensure that no retailer was overlooked, the Claims Administrator sent both claim forms to the retailer. If a retailer receives one claim form for a location containing an estimate and another claim form for the same location without an estimate, the retailer may ignore the second, blank form.
Are there situations in which the second blank form should not be ignored?
ANSWER:
If your main business accepted Visa/MasterCard between October 1992 and June 2003, and you operated a separate business or division that closed by September 30, 1996 but accepted Visa/MasterCard between October 25, 1992 and September 30, 1996, you should use the claim form with the Estimated Cash Payment for your main business, and the claim form without an Estimated Cash Payment for the separate division.
QUESTION:
How did you determine my Estimated Cash Payment?
ANSWER:
If you received a claim form with an Estimated Cash Payment on Page 1, the pre-printed amount represents your estimated shared of the settlement fund, not including on-line debit.
To calculate each Class Member’s Estimated Cash Payment, the Claims Administrator did or will do the following:
1. Identify or estimate the dollar volume of Visa/MasterCard debit and credit purchases, and where applicable, the number or volume of on-line PIN debit purchases accepted by the Class Member; and
2. Convert those purchase volumes into an Estimated Cash Payment by applying an estimated per dollar or per transaction amount that is based on the amount Class Members were overcharged for credit and debit transactions as described by the Allocation Methodology of the Class’ expert, Professor Frank Fisher.
If you would like to view the detail associated with your Estimated Cash Payment, please access the Claims Distribution website at www.inrevisacheckmastermoneyantitrustlitigation.com. Click on the link titled “Personalized Detailed Explanation of Your Individual Estimated Recovery,” and input the claim and control number printed on the first page of your claim form for confidential access.
QUESTION:
What if I disagree with the amount pre-printed on the claim form?
ANSWER:
If you received a Claim Form with an Estimated Cash Payment pre-printed on Page 1, and you disagree with this amount or the calculation used, you must do the following:
1. Check the “I DISAGREE” box in Section B (see Question #19) of the Claim Form.
2. Submit a written challenge to the Claims Administrator. Your challenge must state what you believe your Estimated Cash Payment should be and/or how it can be more accurately calculated.
3. Provide documentation (such as processor statements) which clearly show why the pre-printed Estimated Cash Payment underestimated or overestimated your share of the settlement fund.
4. Return your Claim Form, written challenge and supporting documents to the Claims Administrator by December 28, 2005.
What do I do if my claim form does not contain an Estimated Cash Payment?
ANSWER:
All merchants that accepted Visa between October 1, 1996 and July 31, 2003 should have received a claim form with an Estimated Cash Payment. If you are such a merchant, but did not receive such a claim form, please contact The Garden City Group immediately.
If you only accepted Visa/MasterCard between October 25, 1992 and September 30, 1996, and received a claim form without an Estimated Cash Payment, please follow the instructions accompanying the claim form, and send the completed form to the Claims Administrator, who will then calculate your Estimated Cash Payment and mail you a new claim form.
How much money will our company receive?
ANSWER:
The portion of the fund to which your company is entitled depends on the volume of Visa and MasterCard transactions your company accepted during the period covered by the settlement. Many of the claim forms contain an estimate of the amount your company location will receive. This amount may subsequently be reduced if your company did not accept Visa and MasterCard transactions during the entire period covered by the settlement (October 1992 through June 2003). On the other hand, the amount may be increased if your company also had in place PIN pads to accept ATM card transactions during all or a portion of the settlement period.
How many payments will I receive?
ANSWER:
The settlement is funded by a yearly series of payments from the defendants in the litigation. While there are several more yearly payments to be made, it is anticipated that the fund will be “securitized” so that most merchants will receive a smaller number payments over a shorter period of time. If your company has received a claim form that contains an Estimated Cash Payment, and you have no corrections, additions or challenges to the amount, you should receive a payment very close to that estimated amount. For a number of reasons, once all of the claims forms have been processed, it is expected that there still will be some amount of settlement proceeds remaining in the fund. Consequently, there likely will be a second, pro-rata distribution of the remaining amount to those companies who participate in the first distribution.
When will payments be distributed?
ANSWER:
The Claims Administrator likely will be processing millions of payments. In general, payments will be distributed to those who return uncontested claims form containing an estimated amount on a first come, first served basis. Those who have already returned claim forms containing an Estimated Cash Payment very early in the claims period, without corrections, additions or challenges, may receive payment before the close of the typical retail fiscal year (i.e., before January 31, 2006). Those who return uncontested claim forms containing an Estimated Cash Payment by the end of the 90-day deadline (i.e., December 28, 2005), will likely receive payments during the second or third quarter of 2006. Those who return forms involving PIN pad transactions, complicated situations or significant corrections, additions or challenges, may have their payments delayed. Once virtually all claims have been paid, the second distribution will begin.
Will submitted claims be audited?
ANSWER:
It is assumed that all of us enter into the claims process in good faith. Efforts have and will be made to resolve minor discrepancies in favor of achieving an efficient and fair result for Class Members. Nevertheless, you should know that all claim forms are submitted under penalty of perjury and are subject to audit. A number of audits will be conducted on a random basis.
Is there a web site that explains the history of this case and/or provides other information that I might need?