Discover has agreed to pay $1.225 billion to settle a class action lawsuit alleging the credit card company misclassified card transactions, causing merchants to pay excessive interchange fees.
The case, CAPP Inc., et al. v. Discover Bank et al. (Case No. 1:23-CV-4676), was filed in the U.S. District Court for the Northern District of Illinois. If your business processed Discover cards that were incorrectly classified as commercial cards between January 1, 2007, and December 31, 2023, you may be eligible for a minimum payment of $10.
You may be eligible to file a claim if you:
All eligible class members receive a minimum of $10. Actual payments vary based on overpaid interchange fees. If total base payments exceed $50 million, amounts reduce proportionally. If totals fall below $540 million, payments increase proportionally.
Filing your claim is quick and easy:
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Download for iPhone Download for AndroidThe settlement resolves claims that Discover misclassified certain credit cards as commercial cards instead of consumer cards, causing merchants to pay higher interchange fees than they should have.
The total settlement fund is up to $1.225 billion. Individual merchant payouts will depend on transaction volume and the number of claims filed, with specific amounts to be determined.
The filing deadline has not yet been announced. Settlement details and claim procedures are still being finalized by the court.
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