An exact amount for your payment card settlement claim cannot be provided at this time, as the final value is determined by several variable factors that are calculated after the claims period has closed.
Understanding Your Settlement Amount
The amount you will receive from the payment card settlement is not a fixed sum. Instead, it is dynamically calculated based on specific criteria related to your business's financial history and the overall outcome of the settlement process. Key factors that influence your final claim amount include:
- Percentage of Interchange Fees Paid: Your claim will be calculated as a percentage of the interchange fees your business paid during the Class Period. This means businesses that paid more in interchange fees during the specified period are likely to be eligible for a larger share of the settlement.
- Your Business's Total Interchange Fees: The specific amount of interchange fees your business incurred over the Class Period is a direct input into your potential recovery. Accurate records of these fees are crucial for a successful claim.
- Total Number of Valid Claims: The overall number of valid claims received from all eligible businesses will impact individual payouts. If a very large number of claims are deemed valid, the individual percentage distributed may adjust accordingly.
- Other Factors: A variety of other factors, which are not specified, also contribute to the final calculation. These could include the administrative costs of the settlement, legal fees, and the total fund available for distribution.
When Will the Amount Be Determined?
The calculation and processing of claim amounts will occur after the claims period has officially closed. This allows the settlement administrator to:
- Compile all submitted claims.
- Verify the validity of each claim.
- Assess the total pool of eligible interchange fees from all claimants.
- Determine the final percentage and distribution methodology based on all collected data.
Therefore, until the claims period concludes and all data is analyzed, it is not possible to ascertain the precise amount you will receive. Businesses should ensure they have submitted all necessary documentation accurately and completely to facilitate the processing of their claim.
