If so, you may be entitled to compensation.
A proposed class action settlement has been reached to resolve three related lawsuits against Discover Financial Services. The lawsuits allege that since 2007, Discover misclassified certain consumer credit cards as commercial credit cards, resulting in merchants and other parties incurring excessive interchange fees. This misclassification issue, which began in 2007, placed certain credit card accounts into Discover's highest merchant and merchant acquirer price tier, leading to overcharges. While Discover denies the claims in the lawsuits, a settlement for $1.2 billion has been reached. This settlement impacts businesses, merchants and others who are alleged to have incurred excessive interchange fees.
Under the proposed settlement, Discover has agreed to pay a substantial sum to resolve claims related to card misclassification. Eligible Settlement Class Members who submit valid claims will receive payments from a settlement fund that Discover has agreed to establish, ranging from $500 million to $1.2 billion. The settlement payment for each claimant will be determined based on several factors. These include the total estimated interchange fee overcharge for each Discover merchant identifier (MID) associated with the claimant, how interchange fee charges for each MID were allocated among entities associated with the same MID, and the total aggregate dollar amount of all settlement payments.
If you accepted or processed Discover credit cards between 2007-2023, you may be eligible to get a cash payment from a class action settlement.
THIS IS A MERCHANT, MERCHANT ACQUIRER, AND PAYMENT INTERMEDIARY SETTLEMENT ONLY.
IF YOU ARE A CONSUMER, WE ARE UNABLE TO ASSIST YOU BUT YOU MAY CONTACT THE CLAIMS ADMINISTRATOR DIRECTLY WITH ANY INQUIRIES.
Under the proposed settlement, Discover will make payments to eligible Settlement Class Members who submit valid claims. A qualifying settlement payment amount will be calculated based on a variety of factors, including the total estimated interchange fee overcharge for each Discover merchant identifier (or “MID”) associated with you, how interchange fee charges for each MID were allocated among entities associated with the same MID, and the total aggregate dollar amount of all settlement payments.
Settlement payments are proposed to be broken up between two time periods. To receive payments for both time periods, claimants will be required to provide certain information plus file a claim in accordance with certain procedures and criteria.
End Merchants, Merchant Acquirers, and Payment Intermediaries involved in processing or accepting a Misclassified Card Transaction during the period from January 1, 2007 through December 31, 2023, subject to certain exclusions.
Definitions
The Claims Deadline will be posted once available.
Disclaimer
Class members are not required to sign up with any third-party service in order to participate in the monetary relief, but may instead file their claim directly with the Class Administrator. No-cost assistance will be available from the Class Administrator and Class Counsel during the claims-filing period, once established. For additional information class members may visit court approved website for this case, https://www.discovermerchantsettlement.com/?culture=en.
Please note this website and its contents are not substitutes for legal advice. Nothing in this website should be construed as legal advice. Class Action Settlement House, LLC works with companies to assist them in the filing of claims in various class action settlements. However, Class Action Settlement House, LLC is not a law firm and cannot provide legal representation or legal advice. If you are seeking legal advice, please contact counsel of your choice to obtain legal advice.
(727) 436-2274