Date Initiated: 10/17/2011
The settlement benefits consumers who paid an unreimbursed ATM access fee directly to the defendants (JP Morgan, Wells Fargo, or Bank of America) or others (any bank that is a member of the Visa or MasterCard networks) for an out-of-network ATM transaction between Oct. 1, 2007, and Nov. 12, 2021.
Date Initiated: 11/12/2021
The settlement benefits consumers who paid an unreimbursed ATM access fee directly to the defendants (JP Morgan, Wells Fargo, or Bank of America) or others (any bank that is a member of the Visa or MasterCard networks) for an out-of-network ATM transaction between Oct. 1, 2007, and Nov. 12, 2021.
Andrew Mackmin, et al. v. Visa Inc., et al., Case No. 1:11-cv-01831 in the U.S. District Court for the District of Columbia
Date Initiated: 10/17/2011
According to a class action lawsuit against the settling companies and other organizations, consumers incurred unfair ATM surcharges when using out-of-network ATMs. The defendants allegedly worked together in an antitrust agreement to raise the cost of out-of-network ATM surcharges, resulting in artificially high costs for their customers. Without this alleged agreement, consumers would have paid significantly less in fees, the class action lawsuit contends.
Plaintiffs in the ATM fee class action lawsuit brought claims under the Sherman Act, a federal antitrust law. Antitrust agreements, such as the ones described in the 2015 amended complaint, are outlawed by federal law due to the unjust burden placed on consumers and the negative impact on fair markets.
The settlement benefits consumers who paid an unreimbursed ATM access fee directly to the defendants (JP Morgan, Wells Fargo, or Bank of America) or others (any bank that is a member of the Visa or MasterCard networks) for an out-of-network ATM transaction between Oct. 1, 2007, and Nov. 12, 2021.
Date Initiated: 11/12/2021
The Court preliminarily approved this settlement Nov. 12, 2021.
The combined settlement fund is worth $66.74 million, with JP Morgan paying $19.5 million, Wells Fargo paying $20.82 million, and Bank of America paying $26.42 million.
Payments from the settlement will vary depending on a number of factors, including counsel and administrative fees and and other deductions from the settlement. After these deductions, which must be approved by the court at the approval hearing, the net settlement fund will be used to pay customers.
Payments will be distributed to consumers on a pro rata basis. Because it is impossible to know how many claims will be filed, no payment estimates are available.
If the settlement is approved and no appeals are filed, the settlement administrator expects payments to be sent out within six months. However, court delays and appeals could extend this timeline.
The deadline for exclusion and objection from the settlement is March 11, 2022.
In order to receive a settlement payment, Class Members must file a valid claim form by May 11, 2022.
