Financial Recovery Services

FRS - Financial Recovery Services

PCIF (Visa/Mastercard) – We are in the post-deadline phase of the claims process. This is where FRS truly shines and provides value to our clients. This means that while we cannot initiate any new claims or register new Tax IDs or clients, we are continuing to work on enhancing clients’ claims. We are still resolving outstanding conflicts, addressing any deficiencies, and enhancing undervalued claims. Although the deadline passed in February, FRS’s workload has only increased in managing all the clients’ claims that you brought to FRS. PCIF remains a key focus for FRS’s processing, operations, and relationship management teams. There is no set timetable from the class administrator, but we are still anticipating a distribution sometime in 2026.

Blue Cross Blue Shield Provider (BCBS Provider) – We continue to sign new clients for this opportunity. Additionally, we are actively working with clients to obtain their data to substantiate and support their claims. The data requirements for BCBS Provider are complex, so we are hoping that we get most of the new prospective clients signed well in advance of the July 29, 2025 deadline. Reminder: This is for healthcare providers who accepted BCBS insurance from patients, but stand-alone dental and vision plans do not qualify.

Discover – The settlement fund has been significantly increased from $500 million to a proposed $1.225 billion. While the fund is not yet court-approved, the potential of this increase is promising. As a result, the original proposed October 2025 deadline is likely to be pushed out, and no new deadline has been set. We are continuing to enroll Annual Agreement clients in Discover, while also working with single-settlement contract clients to sign an agreement for Discover. Please review your reports as you get them from FRS to check the progress on previously signed clients being enrolled in Discover. If you notice some of your better relationships are not signed for Discover, and you can assist us in getting an Agreement signed, please reach out to FRS so we can coordinate.

FRS is expanding its partnership with Spectrum Settlement Recovery. The news release of this expansion can be found by clicking HERE. FRS is the leader in the industry in class action claims management, and this partnership with Spectrum only fortifies that standing further. FRS is continuing to expand both its client base and its operational teams, which should give you confidence that you are working with the best team in the industry.

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What if a merchant changed merchant processors and does not have records for the Class Period?

With a merchant’s authorization, FRS will work with merchant services providers to obtain recent data and business information that FRS will use in its proprietary model to estimate card volume for the Class Period and to work with the Class Administrator to confirm interchange data. In some instances, FRS is already working with a merchant’s processor, which will expedite the flow of information that FRS needs to maximize a claim.
How much will a merchant recover?

A merchant will receive its share of the approximately $5.54 billion settlement fund based on its proportionate share of interchange fees that all claimants paid during the January 2004 to January 2019 Class Period. In other words, recoveries will be based on the amount of a merchant’s card volume and on the total card volume submitted and approved for all claimants. That pro rata amount thus depends on how many merchants submit claims and the amount of card volume that those claims include. At this time, it is too early to tell how much that will be.
When is the settlement fund expected to be distributed to class members?

At the status conference held on September 7, 2023, the district court approved both the form of the proof of claim and the proposed claims filing period, which is expected to begin on December 1, 2023 and run through May 2024. That claim filing period will then be followed by an audit and deficiency period that, based on the process described by Class Counsel, likely will last many months. Based on Class Counsel’s disclosures and on FRS’s extensive experience, FRS believes that a distribution may be conducted sometime in 2025.
If a merchant received a pre-populated claim form, does it still need FRS?

Every class member may always file a claim without retaining FRS. However, FRS provides services that likely will alleviate the administrative burden associated with preparing, filing and substantiating a claim, as well as the backand-forth claim management that often is necessary. In addition to the significant time savings, FRS’s proprietary model is designed to enable merchants to maximize their claims in light of such complicating factors as: (1) using Visa data to estimate Mastercard data; (2) merchants changing merchant processors throughout the Class Period; (3) merchants moving; (4) merchants adding locations; (5) merchants closing locations or shutting down operations completely, especially with the impact of COVID 19; and (6) mergers and acquisitions that may result in merchants overlooking card volume that should be included in their claims and thus not maximizing their recoveries. FRS’s experience will help mitigate most of those variables so that a complete and accurate proof of claim is submitted.
If a merchant retains FRS, will the claim form go to the merchant or to FRS?

To make the process for its clients as efficient and seamless as possible, FRS is in communication with the Class Administrator to ensure that claim forms for all of its clients are sent directly to FRS. FRS will make every attempt to obtain claim forms for new clients that have not signed up yet but do so before claim forms are disseminated. FRS will also work directly with the Class Administrator to submit any “missing” claim forms that were never received by FRS or the merchant.

For additional information, visit the Court-approved website, www.PaymentCardSettlement.com, or contact Class Counsel or the Class Administrator.

Claim forms are being delivered and are available online beginning December 1, 2023.
Class members need not sign up for a third-party service in order to participate in any monetary relief.
No-cost assistance is available from the Class Administrator and Class Counsel during the claims-filing period.
FRS believes that they provide services that could increase your potential recovery and that are unlikely to be provided by the Class Administrator or Class Counsel. Please understand that you have the right to file on your own.