Class Action Lawsuit Settlement Involves Nova Corp., Elavon

Retailers are encouraged to check their records to see if they would be affected by the settlement, which involves certain credit card transactions.

June 13, 2012

PHILADELPHIA - This week, a notice of a close to $1 million class-action lawsuit settlement involving certain credit card transaction fees was filed. "This appears to be a limited case of a processor that inflated fees to merchants during a specific time period," Douglas Kantor with the Merchants Payments Coalition told NACS Daily. Kantor urged retailers to respond if they have done business with the defendants. Below is the notice:

"You have been identified as a potential class member in a class action against U.S. Bancorp, the successor to Nova Corp. and Elavon, Inc., f/k/a Nova Information Systems ("Defendants"). The class includes merchants who used Defendants?? credit card processing services for American Express and Discover Card transactions from January 1, 2000 to July 31, 2001.

"If the settlement is approved by the Court at a September 28, 2012, hearing, class members may be eligible to receive settlement benefits, after deducting any Court-approved fees and expenses.

"Based on information learned during the course of litigation, damages were incurred only by the 'Address Verification Class," which includes only those customers who were set up for address verification as part of the credit card authorization process from September 1, 1999, through July 31, 2001. Class members who did not use Defendants?? address verification services were not damaged and will not receive any portion of the settlement fund??

"On or before August 28, 2012, you may choose to exclude yourself from the class, or you may remain in the class and object to the settlement. Unless you exclude yourself from the class, you will be bound by the settlement and you will release any claims asserted in and related to the claims asserted in the class action that you may have against the Defendants. Additional information describing your rights under this settlement, including: the location of the Court??s hearing, the amount of fees and expenses to be requested and how the net settlement fund will be allocated may be found in a detailed settlement notice, available online at NovaTransactionFeeSettlement.com or by calling or writing the Claims Administrator.

"You may contact the Claims Administrator by calling 1-855-229-7512, or writing to: Heffler Claims Administration, Execu/Tech Systems v. U.S. Bancorp, P.O. Box 260, Philadelphia, PA 19 105-0260."

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