NEW YORK CITY – Last week, Judge Margo Brodie of the U.S. District Court for the Eastern District of New York granted preliminary approval of the B3 class settlement In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation. This is the long-running challenge by merchants to interchange fees and Visa’s and MasterCard’s operating rules.

The settlement being considered only covers legal claims for monetary relief. Rules changes are still being litigated.

This order tracks what was submitted by class counsel on January 15, which outlined changes to the Notice to satisfy the judge’s concerns about branded operators. Notices will now be prepared and mailed. Retailers will likely receive copies of the notice over the next 90 days.

The opt-out or object deadline is July 23, 2019. The court set November 7, 2019, as the date for the final approval hearing. NACS will continue to provide updates as the case moves through the legal process.