Visa Check/MasterMoney Antitrust Litigation
(In re Visa Check/MasterMoney Antitrust Litigation, No. 04-3122 (L), 04-3163 (Con) (2nd Cir. 2005))

Visa and MasterCard allegedly obligated merchants to accept Visa and MasterCard signature debit card transactions at purportedly excessively high prices, and Visa and MasterCard allegedly conspired to monopolize the debit card business in the U.S. Visa and MasterCard’s debit products are also labeled Visa Check, MasterMoney, and Debit MasterCard. A class action was brought into Court and these allegations were settled for $3.05 Billion. In addition to the monetary settlement, Visa and MasterCard agreed to take action to untie debit cards from credit cards, including the following: eliminating their “Honor All Cards” policies, which required merchants that accepted their credit cards to also accept their debit card transactions; lowering debit card fees for an interim period by one-third; and re-labeling the Visa Check and MasterMoney debit cards with the word "DEBIT" on the front. All businesses and organizations in the U.S. that accepted Visa and MasterCard debit and credit cards for payment at any time during the period October 25, 1992 to June 21, 2003 were eligible to file settlement claims. We assisted potential claimants in filing for settlement.

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