News & Press

Spectrum Settlement Recovery Offers Eligible Businesses Quick Refund Turnaround in $3 Billion
Visa Check / MasterMoney Settlement
SAN FRANCISCO--(BUSINESS WIRE)--December 13, 2005

Spectrum Settlement Recovery, LLC (Spectrum) announced today that it has secured funding to purchase merchant claims in the $3 billion Visa Check / MasterMoney Antitrust class-action settlement (VMC).

Spectrum Settlement Recovery, LLC is already helping thousands of businesses navigate the complexities of the VMC settlement and file claims before the December 28, 2005 filing deadline. Spectrum just announced that they are expanding their scope of services by offering merchants an opportunity to expedite their refund payments.

Spectrum will make competitive offers to purchase claims with face values ranging from $5,000 to $10 million.

Thanks to privately secured funding, Spectrum is in a unique position to buy merchants’ claims. Merchants who opt to wait for payment from the Claims Administrator may wait years for the complete disbursement of their refund. In most instances, funds can be delivered within seven business days to merchants choosing to sell their claim to Spectrum, regardless of the VMC payment schedule.

“This is a great opportunity for any participating company to get paid now, with absolutely no risk. We have structured this business offer as a win-win situation so that firms avoid a waiting game with a series of payments.” says Spectrum’s CEO Howard Yellen. “We think it will be an appealing proposition for clients who want to book the revenue now, and focus on their core business.”

Millions of businesses in the U.S. are eligible for a refund from this settlement. The amount of the refunds varies widely, depending on each business’ line of business and charge-card volume. In 2003, VISA and MasterCard agreed to refund over $3 billion to merchants who accepted their cards from October 1992 through June 2003 in settlement of a lawsuit filed by Wal-Mart and other retailers. The lawsuit accused VISA and MasterCard of forcing merchants who accepted their credit cards also to honor their debit cards and overcharging them for processing fees during that period.

About Spectrum Settlement Recovery
Spectrum is the nation’s largest claim filing and fund recovery service for commercial and securities class-action settlements. Spectrum offers businesses a complete solution for filing and managing settlement claims. Spectrum’s uncovers details often overlooked; ensuring Spectrum clients receive all the money they are eligible for from class-action settlements.

Contacts:
Josh Camire, Marketing Director: 415-392-5900 x. 283
Ellen Weis, Media Relations: 510-428-2823
Spectrum Settlement Recovery