Frequently Asked Questions

  1. What is this lawsuit about?

    Class action lawsuits were commenced in British Columbia, Alberta, Saskatchewan, Quebec and Ontario (collectively, the “Credit Card Actions”) against Visa Canada Corporation (“Visa”), Mastercard International Incorporated (“Mastercard”) and certain banks which issue credit cards (“Issuing Banks”).

    The Credit Card Actions alleged that Visa and Mastercard conspired with Issuing Banks and acquirers to set the amount of interchange fees and impose rules that restrict merchants’ ability to surcharge or refuse higher cost Visa and Mastercard credit cards.

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  2. What is the New Settlement about?

    Although Royal Bank of Canada, The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Bank of Montreal and The Bank of Nova Scotia (collectively, the “Settling Defendants”) do not admit liability, they have agreed to settle the Credit Card Actions (the “New Settlement”).

    The Settling Defendants will pay a total of CAD $120 million for the benefit of the Settlement Class Members in exchange for the dismissal of the Credit Card Actions and other related litigation and a full release of all claims advanced against each of them, including future claims relating to continuing acts or practices that occurred prior to or following the commencement of the Credit Card Actions.

    The Settling Defendants deny the allegations in the Credit Card Actions and there has not been any finding of liability against them.

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  3. What were the Prior Settlements?

    A number of settlements have already been approved in the Credit Card Actions. The Courts have previously approved settlement agreements with BofA Canada Bank, Bank of America Corporation, Citigroup, Capital One Financial Corporation, Capital One Bank Canada (Canada Branch), Fédération des Caisses Desjardins du Québec, National Bank of Canada, Visa, and Mastercard. The prior settlements have a total value of $68,530,000 plus accrued interest. The Courts have already approved some deductions from that amount, including the fees of the Class Lawyers and expenses associated with processing the settlements. Information about the prior settlements is available on this website on the “Documents” page.

    The net proceeds from the prior settlements have been held by the Class Lawyers and will be distributed to Settlement Class Members along with the proceeds from the Settlement with the Settling Defendants.

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  4. Am I part of this Settlement?

    The Court-approved definition of “Settlement Class Member” sets out who can share in the Settlement. You are a Settlement Class Member if you accept or accepted Visa credit cards and/or Mastercard credit cards as payment for goods or services and incurred merchant discount fees, including interchange fees, in Canada since March 23, 2001.

    The Settlement Class includes Quebec Settlement Class Members. Quebec Settlement Class Members are Quebec resident persons and partnerships who accepted Visa and/or Mastercard credit cards as payment for goods or services and incurred merchant discount fees, including interchange fees, any time since March 23, 2001 to September 2, 2021. Quebec Settlement Class Members have different participation options that are set out below.

    Because of Quebec law, it is possible that some Quebec residents will not be Quebec Settlement Class Members. Instead, this group will be treated like Settlement Class Members resident in the rest of Canada. While this does not impact entitlement to settlement benefits, it does mean that the unique participation options for Quebec Settlement Class Members are not available to this group. This group includes any legal persons established for a private interest and any partnership resident in Quebec, which at any time between December 17, 2009, and December 17, 2010, had under its direction or control more than 50 persons bound to it by contract of employment, and any legal persons established for a public interest resident in Quebec.

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  5. How can I participate in the Settlement?

    Settlement Class Members who want to participate in the Settlement and in the Credit Card Actions do not need to do anything at this time. However, you should register on this website so that you receive direct notice of any important developments, including when to make a claim for a share of the settlement benefits. You can register by clicking the “Register” tab at the top of this page.

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  6. Can I exclude myself from the Settlement?

    Merchants who do not want to participate in the Credit Card Actions and in any approved settlements have to opt out (exclude themselves). The rules about opting out of the Credit Card Actions and settlements in Quebec are different than in the other provinces.

    Quebec Settlement Class Members have an opportunity to opt out with each settlement. Settlement Class Members in the rest of Canada are only given one opportunity to opt out. In all cases, once a Settlement Class Member chooses to opt out, they cannot opt back into the Credit Card Actions.

    The right to opt out of the Credit Card Actions has now expired for all Settlement Class Members. The deadline for Quebec Settlement Class Member or a New Merchant to opt out expired on December 5, 2021. The right to opt out for all other Settlement Class Members was provided with the first settlements that were approved. It is no longer possible for these Settlement Class Members to opt out.

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  7. Why did I get a notice?

    Notices were sent to merchants who asked to be kept updated about the Credit Card Actions. The notice tells you about your rights and options in the Credit Card Actions and also explains the lawsuit, the proposed settlements, the benefits available, who qualifies for those benefits, and how to participate.

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  8. How will the money from the settlements be distributed?

    As the New Settlement is approved, this brings the Credit Card Actions to an end and will allow the settlement proceeds (less all court-approved fees, costs and expenses) to be distributed to Settlement Class Members. It is estimated that there will be approximately $131,000,000 available for distribution to Settlement Class Members. Details about the plan for distributing that money can be found in the Distribution Plan posted on the “Documents” page of this website.

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  9. How do I ask for money from the settlements?

    The Class Lawyers have developed a plan for distributing the settlement money to Settlement Class Members. This Distribution Plan has been approved by the Courts.

    The Class Lawyers anticipate that the Claims Process will launch in Spring 2022.

    If you would like to make sure that you receive direct notice when the claims process opens, please register by clicking on the “Register” tab at the top of this page.

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  10. The Settlement Approval Hearings

    After the December 6, 2021 settlement approval hearing, the Courts approved the New Settlement, the Class Lawyers’ fee of up to 30% of the recovered amounts, disbursements and other expenses payable from the settlement amount, and the plan for distributing the settlement money.

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  11. How do I get more information?

    For more information, contact the court appointed administrator, Epiq: call: 1 (877) 283-6548 / TTY: 1 (877) 627-7027, email: info@CreditCardSettlements.ca, fax: 1-866-262-0816 or write to P.O. Box 507 STN B Ottawa ON K1P 5P6.

    You can also contact the Class Lawyers (contact information below).

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  12. Who are the lawyers that represent the Settlement Class Members?

    The Class Lawyers can be reached by email at lawyers@creditcardsettlements.ca or by phone at the following numbers:

    For Non-Quebec Residents: For Quebec Residents:
    Luciana Brasil
    Branch MacMaster LLP
    (604) 654-2999
    David Jones
    Camp Fiorante Mathews Mogerman
    (604) 689-7555
    Jeff Orenstein
    Consumer Law Group
    +1 (888) 909-7863 x2

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