CardConnect to Pay $7.65 Million to Settle Merchant Class Action

CardConnect Corp. will pay $7.65 million to settle a class action by merchants who allege they were overcharged for payment processing services after the Eastern District of Pennsylvania gave final approval to the agreement as fair, reasonable, and adequate.

The settlement class includes 110,875 merchants, including 43,837 members that are current CardConnect customers, who paid at least one of the “subject fees” from Nov. 1, 2012, through July 7, 2020.

The subject fees include an annual “Pulse Fee” of $9.00, a $15.00 per month “Cardpointe Fee,” and a $19.95 monthly “PCI Non Comp Fee,” which the merchants allege weren’t identified ...