Dealers should be aware of two important class-action lawsuits that they may be eligible to receive compensation from in the near future.
The settled case involves a roughly $6.2 billion settlement that Visa and MasterCard have tentatively reached with plaintiffs, who sued the credit card companies accusing them of violating anti-trust laws in charging merchants illegally high processing fees. Any business that accepted Visa or MasterCard-branded credit cards between 2004 and January 2019 will be eligible to file a claim, if a federal judge in the Brooklyn-based Eastern District of New York approves the settlement at an upcoming hearing in November.
For more information on this case, click here. A claim form will be posted on the linked website if the settlement is approved. The case is formally known as In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation.
In the other case, Reynolds & Reynolds agreed to preliminarily settle a class-action lawsuit of their own for $29.5 million. Plaintiffs in this case filed a class-action suit against Reynolds and CDK Global (formerly part of ADP Dealer Services until 2014), alleging that the providers of dealer-management software violated anti-trust laws by charging unlawful prices for their services.
CDK was not a party to this settlement, and according to the lawsuit settlement’s website, dealers who believe they were aggrieved by these companies will not be able to file a claim for some of the Reynolds settlement money until the litigation process involving CDK is settled.
This federal court case is formally known as In re Dealer Management Systems Antitrust Litigation, and is proceeding in the Northern District of Illinois, based in Chicago.Download Bulletin PDF