June 25, 2022

Central Payment Co $84M Class Action Settlement 2022: More Details Here!

Have you heard of the Central Payment Co $84M Class Action Settlement ? Do you want to find out more about the Central Payment Co $84M Class Action Settlement? Continue reading for more details.

What is The Central Payment Co $84M Class Action Settlement

 According to Bloomberg Central Payment Co., based in California, provides services related to transaction processing, and also offers ATMs, software, and other related products

Plaintiffs claim the company misrepresented the fees it charged for card-processing and improperly added and inflated fees, according to the settlement website.

What is the Lawsuit All about

Central Payment Co. has agreed to an $84 million settlement resolving claims it misrepresented and improperly added fees for its card-processing services.

The $84 million settlement fund will be used to pay costs such as attorneys’ fees, as well as cash payments to class members.

Class members who had one or more payment card processing accounts with or through the company as of March 9, 2022, are considered “Current Customers;” any class member who does not qualify as a Current Customer is considered a “Former Customer.”

Current Customers will automatically receive their payment, while Former Customers will need to file a claim form in order to benefit from the settlement.

How to know if you are in the settlement class

The class is made up of current and former Central Payment customers who, between Jan. 1, 2010, and Oct. 31, 2020, were assessed the TSSNF and PCI noncompliance fees; had their contractual credit card discount rates increased above their contractual rate by the company; and for whom the company shifted their credit card transactions from lower-cost rate tiers to higher-cost tiers.

Class members should have received an email or postcard notice regarding the settlement; however, anyone who did not receive a notice but believes they belong to the class may contact the settlement administrator. 

Conclusion

While the company denies any wrongdoing, it has agreed to the settlement to resolve the claims made in the class action lawsuit.

When payments are ready, the administrator will email class members with the option to receive their payment via Venmo or Paypal. Anyone for whom the settlement administrator does not have an email address or who does not select an electronic payment method within seven days of receiving their email will receive a physical check at the mailing address on record.

A final approval hearing in the Central Payment fees settlement will take place July 25, 2022.

The deadline for class members to opt out of or object to the settlement is June 7, 2022.

click Here to read about other settlement cases.

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