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Wells Fargo Merchant Services Charges Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

Wells Fargo Merchant Services, LLC will pay up to $40 million to settle a class action alleging it added excessive charges to merchants’ monthly invoices. Merchants are hoping to recover the amount of the excessive charges and other relief.

Docket Number:

1:17- CV-04583

Company: Wells Fargo Merchant Services, LLC

Filing Deadline: July 23, 2021

Class Period: August 4, 2011 to February 8, 2021

Objection Deadline: June 8, 2021

Exclusion Deadline: June 8, 2021

Final Approval Hearing: July 22, 2021

Proof of Purchase:

No proof is required. Presumably company records will be used for verification.

Eligibility:

You may be eligible if
- You are a merchant in the US and you contracted to get payment processing from Wells Fargo Merchant Services, and
- Between August 4, 2011 and February 8, 2021, (1) you processed sales through a fixed pricing plan, (2) you paid a statement billing fee, non-validation PCI compliance fee, or monthly minimum processing fee, or (3) you processed sales through a pricing plan other than standard pricing (also known as volume tier or simplified pricing) and as of February 8, 2021 you are not account-managed (which includes the premier services team).

If you received a Notice in the mail by or by e-mail from the settlement administrator for this case, Wells Fargo records show you are a class member.

Class members who kept one or more payment processing accounts with or through Wells Fargo Merchant Services as of February 8, 2021 are considered current customers. Current customers will automatically receive payment by check sent to your address on file with Wells Fargo.

Class members who are not current customers are former customers. Former customers must file a Claim Form by July 23, 2021 in order to receive a check. The check will be sent to the address on the claim form.

Typical Settlement Amount:

Payment by check, according to the allocation plan set forth in the Notice. Also, current customers who are enrolled in the “fixed [non-qual fees]” pricing plan will be allowed to convert without penalty to the “standard” pricing plan for at least eighteen months after the settlement’s effective date, as long as Wells Fargo continues to offer the standard plan. This may reduce fees and making managing the account easier.
For more information about the allocation plan, see the Notice at https://merchantservicessettlement.com/Portals/0/Document%20Files/WFMS_Long%20Form%20Notice_WEB_v1.pdf?ver=2021-03-19-155142-000.

Total Settlement Amount: Up to $40 million

Class Representative Proposed Incentive Fee:

$10,000-15,000

Law Firms:
Lieff Cabraser Heimann & Bernstein
Webb Klase & Lemond LLC

Claim Form: Wells Fargo Merchant Services Charges Settlement Claim Form

Case Name: Patti’s Pitas, LLC, et al. v. Wells Fargo Merchant Services, LLC

Settlement Website: Wells Fargo Merchant Services Charges Settlement Website

Claims Administrator:
Rust Consulting, Inc.

Claims Administrator Contact Information:

Wells Fargo Merchant Services Settlement
c/o Rust Consulting Inc. – 7182
P.O. Box 1367
Minneapolis, MN 55440-1367
1-866-759-6521
info@merchantservicessettlement.com

Tags: Excessive Fees, Unfair Business Practices, Unfair Services