Visa and Mastercard have agreed to a massive $197.5 ATM million settlement to resolve allegations of unlawful surcharges on ATM transactions, marking a significant resolution to a long-standing antitrust lawsuit.
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Table of Contents
Here’s a comprehensive breakdown of this class action settlement and how affected individuals can claim their share.
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What is the ATM Fee Lawsuit About?
The lawsuit accused Visa, Mastercard, and several major banks of conspiring to impose unlawful ATM surcharges in violation of federal antitrust laws.
Key Allegations:
- Visa, Mastercard, and their member banks allegedly colluded to charge excessive ATM access fees.
- These surcharges directly impacted individuals and entities using ATMs tied to JP Morgan Chase, Wells Fargo, Bank of America, and other banks within the Visa and Mastercard ATM networks.
While Visa and Mastercard deny any wrongdoing, they agreed to this settlement to avoid further litigation.
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Who Qualifies for the Settlement?
To be eligible for a payment, you must meet the following criteria:
Eligibility Requirements:
- Paid an unreimbursed ATM access fee directly to JP Morgan, Wells Fargo, Bank of America, or a member bank of the Visa/Mastercard ATM networks.
- The transaction must have occurred between Oct. 1, 2007, and July 26, 2024.
If you previously submitted a claim in a related settlement and received compensation, you don’t need to file a new claim unless you incurred additional surcharges during the extended class period.
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What Compensation is Available?
Class members can receive a cash payment based on the surcharges they paid during the class period.
Payment Details:
- Compensation will be proportional to the total surcharges incurred by each claimant.
- The exact amount will depend on the number of claims submitted and the size of the settlement fund after administrative and legal fees are deducted.
No specific payment estimates are available at this time.
How to File a Claim
Eligible individuals and entities must submit a valid claim form by Jan. 22, 2025, to receive their settlement payment.
Steps to File a Claim:
- Visit the settlement website: ATMClassAction.com.
- Complete the claim form online or download a paper form.
- Include any proof of payment, such as ATM receipts or electronic records, to support your claim.
- Submit your claim before the deadline.
If you’ve already received compensation from a prior settlement, you do not need to file again unless you are claiming additional surcharges.
Important Deadlines
- Claim Form Deadline: Jan. 22, 2025.
- Exclusion/Objection Deadline: Nov. 22, 2024.
- Final Approval Hearing: Jan. 23, 2025.
Case Details and Contact Information
- Case Name: Mackmin, et al. v. Visa Inc., Case No. 1:11-cv-01831-RJL-MAU, in the U.S. District Court for the District of Columbia.
- Claims Administrator Contact:
ATM Surcharge Settlement
P.O. Box 170500
Milwaukee, WI 53217- Email: [email protected]
- Phone: 877-311-3724
Legal Representation
- Class Counsel:
- Steven Berman, HAGENS BERMAN SOBOL SHAPIRO LLP
- Stephen Neuwirth, QUINN EMANUEL URQUHART & SULLIVAN LLP
- Steven A. Skalet, MEHRI & SKALET PLLC
- Defense Counsel:
- Matthew A. Eisenstein, ARNOLD & PORTER KAYE SCHOLER LLP
- Kenneth A. Gallo, PAUL WEISS RIFKIND WHARTON & GARRISON LLP
What Does This Settlement Mean?
The $197.5 million settlement marks a victory for consumers and businesses who were unfairly charged excessive ATM fees. It also highlights the importance of holding financial institutions accountable for alleged antitrust violations.
If you qualify, take action to ensure you receive your share of this significant settlement. Don’t miss the deadline—file your claim today!
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