Constantine Cannon: Merchant Advisory on Merchant Rights under the Settlement.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Dear Merchants, Constantine Cannon (formerly Constantine & Partners), Lead Counsel for United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. merchants in the Visa Check/MasterMoney Antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , CV 96-5238, today advised Class Members as follows: In addition to the cash monetary relief provided by the Settlement in this case, the Settlement includes an injunction valued by the Court in the range of $25-$87 billion to U.S. merchants and consumers. In approving the Settlement, the U.S. District Court and the Court of Appeals for the Second Circuit stated that it was "the largest antitrust settlement in history," that "the compensatory relief by itself constitutes the largest settlement ever approved by a federal court," and the injunction had "produced significant and lasting benefits for America's merchants and consumers." Under the terms of the Settlement, merchants who want to accept Visa and/or MasterCard credit cards are not required to accept Visa and/or MasterCard-branded debit cards debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. (sometimes called the "Visa Check Card," "Debit A monetary amount that is subtracted from an account balance. A debit from one account is a credit to another. See credit. MasterCard," or "MasterMoney"). Likewise, merchants who want to accept Visa and/or MasterCard-branded debit cards are not required to accept Visa and/or MasterCard credit cards. Merchants are also now free to request another form of payment when a Visa or MasterCard-branded debit card is offered for payment. Visa and MasterCard member banks have re-issued their more than 250 million ATM/debit cards with the word "Debit" on the face of these cards so that merchants and consumers will be able to easily distinguish Visa and MasterCard debit cards from Visa and MasterCard credit cards. Visa and MasterCard member banks also have re-issued all of their ATM/debit cards with electronic identifiers (the Bank Identification Numbers, or "BINs") that are distinct and different from the BINs assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. to Visa and MasterCard credit cards, so that merchants with certain terminals can electronically distinguish debit cards from credit cards. Merchants may request a complete list of the BINs assigned to Visa and/or MasterCard signature debit cards from their processor/acquirer. Visa and MasterCard were required under the Settlement to complete this re-issuance of all of their hundreds of millions of their debit cards by January 1, 2007. If you find that cards are being presented for payment that may be Visa and MasterCard signature debit cards lacking proper visual and/or electronic identification, please contact Lead Counsel at the email address See Internet address. or phone number listed below. Please also feel free to contact us if you encounter any problems obtaining BINs from you processor. Details concerning Merchant rights under the Settlement are available on the case website, www.inrevisacheckmastermoneyantitrustlitigation.com, by clicking on the sidebar (1) A Windows Vista desktop panel that holds mini applications (gadgets) such as a calendar, calculator, stock ticker and Vonage phone dialer. It is the Windows counterpart to the Dashboard in the Mac. See Windows Vista and gadget. option titled MERCHANT/CLASS MEMBER RIGHTS UNDER THE SETTLEMENT. Additional information regarding the Settlement term and the claims and payment process is available by calling 1-888-641-4437 or visiting the case website. Sincerely, CONSTANTINE CANNON (formerly Constantine & Partners) Lead Counsel for the Class Counsel@InReVisacheckMastermoneyAntitrustLitigation.com 212-350-2799 |
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