FPS - FPS InsightsFPS - FPS Insightshttps://www.financialpowerservices.com/blogsSat, 18 Jul 2026 19:43:27 -0700http://zoho.com/sites/<![CDATA[$5 Billion+ Dollar Visa/Mastercard Merchant Fee Settlement]]>https://www.financialpowerservices.com/blogs/post/5-billion-dollar-visa-mastercard-merchant-fee-settlementIf your organization accepted Visa or Mastercard payments any time from January 1, 2004 to January 25, 2019, you may be eligible to recover significant funds]]>

DID YOUR BUSINESS ACCEPT VISA/MC FOR PAYMENTS?


UPDATE
On August 8, 2024, the Court granted a requested 180-day extension of the claims-filing deadline and extended the deadline to: Tuesday, February 4, 2025


This case claims that merchants overpaid the excessive interchange fees for accepting Visa and Mastercard, stemming from an alleged conspiracy among the Defendants. 


The Court granted final approval of this Settlement on December 13, 2019, and established a claims process whereby eligible merchants will be able to claim their share of the billions in settlement funds.


If your organization accepted Visa or Mastercard payments any time from January 1, 2004 to January 25, 2019, you may be eligible to recover significant funds from this Settlement. FPS can ensure that a proper and timely claim is filed on behalf of your business.


Financial Power Services (FPS) can streamline the filing process, secure and maximize recoveries for your organization from the "Visa/Mastercard Interchange Fee Class Action Settlement" [In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation | MDL No. 1720] ("Settlement"). 


For more detailed information on this settlement, our Visa/MC Refund Info Packet (PDF) is available for download here.


To retain FPS for your settlement refund recovery on this case, click here to learn more about FPS Claim Management or contact us to learn what FPS can do for you and your company.


Be advised you may contact Class Counsel or the Claims Administrator, or visit the court-approved website at https://paymentcardsettlement.com. You have the right to file a claim on your own behalf without need of a third-party service, and no-cost assistance is available from the Claims Administrator and Class Counsel during the claims-filing period.


Get Started Now
]]>Wed, 07 Aug 2024 09:00:00 -0400<![CDATA[FirstEnergy agrees to more than $300 million in customer refunds under current settlement.]]>https://www.financialpowerservices.com/blogs/post/firstenergy-agrees-to-more-than-300-million-in-customer-refunds-under-current-settlementAccording to a state filing, FirstEnergy Corp. has agreed to give $306 million in customer refunds over the next five years to resolve claims that the Akron-based utility's subsidiaries made significantly excessive profits in recent years, among other issues.]]>


COLUMBUS, Ohio - According to a state filing, FirstEnergy Corp. has agreed to give $306 million in customer refunds over the next five years to resolve claims that the Akron-based utility's subsidiaries made significantly excessive profits in recent years, among other issues.

As per the Office of the Ohio Consumers' Counsel, one of the groups engaged in the negotiations, the average FirstEnergy residential customer will get $85.71 in electric bill credits over the next five years as part of a settlement negotiated between the company and multiple consumer groups.

The agreement also resolves disagreements over a state review of FirstEnergy's power pricing plan, known as an electric security plan, and audits of the company's energy-efficiency customer charge conducted between 2014 and 2018.

From the commission release, the deal still needs to be approved by the Public Utilities Commission of Ohio, but it is likely to do so given that it is supported by PUCO staff and has no opponents.

Residential customers will receive a lump-sum payment of about $26.91 on their electric bill within 30 days if it is approved, according to an Ohio Consumers' Counsel release. Following that, monthly credits would gradually decrease from $1.87 per month in 2022 to 58 cents per month in 2025, according to the release.

The talks between FirstEnergy and groups like the Ohio Consumers' Counsel, Industrial Energy Users-Ohio, and the Ohio Energy Group came after lawmakers repealed a provision in the current state budget that changed how the state determines whether the utility's subsidiaries are making "significantly excessive" profits.

The law change allowed subsidiaries Ohio Edison, Cleveland Electric Illuminating Company, and Toledo Edison to average their profits rather than consider them separately. According to Ohio Consumers' Counsel Bruce Weston, this allowed Ohio Edison to profit because its higher profits were combined with the lower profit margins of the other two subsidiaries.

However, the state legislature repealed the change earlier this year while also repealing parts of the scandal-ridden House Bill 6, including a $1 billion-plus ratepayer bailout of two nuclear power plants owned by a former FirstEnergy subsidiary and a so-called "decoupling" policy that allowed FirstEnergy to collect millions from customers. FirstEnergy had previously agreed to refund the funds.

According to the Ohio Consumers' Counsel, Ohio Edison's profit margins in 2017, 2018, and 2019 were 17.39 percent, 18.16 percent, and 16.53 percent, respectively.

The problem is that state law doesn't specify what constitutes "significantly excessive" profits; instead, the PUCO decides on a case-by-case basis.

The Ohio Consumers' Counsel proposed lowering the threshold from 12.4 percent to 13.8 percent between 2017 and 2019 (depending on the year), requiring FirstEnergy to issue a total of $211.3 million in customer refunds.
FirstEnergy argued that the thresholds for those years should be set between 17.8 percent and 19.3 percent, which would mean it wouldn't have to refund any money.

Previously, the PUCO determined that FirstEnergy did not make significantly excessive profits in 2017.
However, in 2019, the Ohio Supreme Court overturned that ruling, ruling that the PUCO had improperly approved a FirstEnergy charge that cost consumers more than $150 million per year.

If approved, according to the Ohio Consumers' Counsel the settlement would provide by far the largest refund offered to customers for "significantly excessive" utility profits since the limits were enacted by lawmakers in 2008. The previous high was $43 million, which American Electric Power refunded about a decade ago.

“Today’s record refund is the culmination of OCC’s hard-fought efforts over several years to secure refunds for consumers regarding FirstEnergy’s high profits,” Weston said in a statement. “Consumers are to get $306 million of justice. We hope it’s a trend.”

In a statement, FirstEnergy President and CEO Steven Strah said his company “worked openly and collaboratively with all parties” to reach a resolution “that is truly in the best interests of all our Ohio customers.”

“We appreciate the time, input and efforts of all the parties involved in these important discussions, which bring clarity and resolution to these PUCO proceedings. FirstEnergy remains committed to working cooperatively with stakeholders going forward to help ensure we deliver safe, reliable and affordable electric service, grounded in a culture of strong compliance, ethics, integrity and accountability.”, added Strah.

Aside from the "significantly excessive" profits test, the PUCO's review of FirstEnergy's electric security plan considers whether the plan is "more favorable in the aggregate" than if the utility purchased and sold electricity through a bidding process from power generation companies.

FirstEnergy argued that their plan passes that test because the PUCO determined in 2016 that it was preferable to a market-rate process, and little has changed since then. The agreement would allow FirstEnergy to continue with its current plan until 2024.


]]>Tue, 02 Nov 2021 04:56:32 -0400<![CDATA[$454 Million Dollar Diabetes Medication Settlement Gets Preliminary Approval]]>https://www.financialpowerservices.com/blogs/post/454-million-dollar-diabetes-medication-settlement-gets-preliminary-approvalDirect Purchasers of the diabetes drug Glumetza won preliminary approval from a federal judge in San Francisco, resolving claims that Bausch Health Cos., Lupin Ltd., and Assertio Therapeutics Inc. delayed the rollout of generic versions.]]>

800% Price-Hike During Alleged Pay-For-Delay Scheme

Direct Purchasers of the diabetes drug Glumetza won preliminary approval from a federal judge in San Francisco for settlements worth $454 million, resolving claims that Bausch Health Cos., Lupin Ltd., and Assertio Therapeutics Inc. delayed the rollout of generic versions.


In September, Judge William Alsup signed off tentatively on the trio of deals disclosed over the previous weeks in the U.S. District Court for the Northern District of California, canceling a class action antitrust trial that was set to start Oct. 4.

Lawyers for the plaintiffs, who asked the U.S. District Court for the Northern District of California to approve the settlement, said the deal amounts to one of the largest recoveries in a direct-purchaser class lawsuit in a reverse payment case.

Glumetza is an extended-release version of the drug Metformin. It was approved by the USFDA in 2005 and originally sold to Depomed Inc, now called Assertio. Depomed Inc. marketed the drug with Santarus Inc, which Bausch Health later acquired.


Direct purchasers of Glumetza sued Bausch, Lupin, Assertio, and others in 2019 for unlawfully hiking drug prices from its fair value of less than $55 for a 30-day supply to more than $3,000 for the brand-name drug and $2,200 for generics,

Bausch Health (former name Valeant) has agreed to pay $300 million to settle claims that the Canadian drugmaker paid off its generic rivals nearly a decade ago. Lupin Pharmaceuticals Inc has agreed to pay $150 million to settle claims brought by a group of grocery stores, drug stores and other direct buyers of the diabetes drug Glumetza for its role in the alleged "pay-for-delay" scheme that supposedly raised the drug's price by nearly 800%, according to a filing in San Francisco federal court.

Depomed sued Lupin in 2009 after it applied for FDA approval of a generic version of Glumetza, alleging the generic would infringe its patents. The parties settled in 2012, with Lupin delaying its generic until 2016 in exchange for a payment and an agreement for the Glumetza makers not to compete with Lupin's generic with their own authorized generic during its market-exclusivity period.


Financial Power Services, LLC (FPS) is assisting members of the Direct Purchaser class with refund claim management and filing services on this settlement.

About FPS...

Financial Power Services (FPS) is a financial consulting and claims management firm; we are not a court appointed claims administrator or class counsel.  When you retain FPS to manage your settlement refund claim, your company will be assigned a dedicated FPS Account Manager who will always be available to answer any questions you may have. They will work within your guidelines to manage the claim filing process, and can provide record retention advice that may enhance the value of your claim. 


When you retain FPS to manage and file your settlement refund claim, FPS will:

  • Prepare, assemble and submit your claim package, and manage it throughout the claims processing phase, including working with you to address any concerns or questions the claims administrator may have.
  • Perform research to assure that all of your eligible business units (e.g., subsidiaries, divisions, acquisitions and divestitures) are included in the claim process.
  • Provide advice on what, if any, documents need to be collected and maintained, and, when requested, we will assist in that effort.
  • Reduce the support needed from your in-house staff, when required documents are not available or are too burdensome to collect, and we will negotiate on your behalf to develop alternate means to satisfy the documentation requirements.
  • Provide regular updates on the recovery process and all related developments.
  • Audit your payment to assure that it has not been under calculated.
  • Follow up with you to assure that your recovery check is deposited. 
  • Notify you when we learn of additional valuable settlements in which you may be eligible to participate.

To see if your business is eligible, contact us. If you would like to retain FPS to manage your claim on this settlement, click here.
]]>Tue, 26 Oct 2021 06:10:08 -0400<![CDATA[Peanut Farmers Settlement Grows to $102 Million]]>https://www.financialpowerservices.com/blogs/post/peanut-farmers-settlement-grows-to-102-millionDeadline to file is July 13, 2021!]]>

First Filing Deadline: 7/13/2021

The lawsuit claims that Defendants conspired to suppress competition and to pay depressed prices for Runner Peanuts purchased from farmers in the United States, in violation of federal antitrust laws.


The class action plaintiffs alleged that the defendants used their 80-90% market share in the peanut shelling industry to facilitate a price fixing conspiracy to depress the price of runner peanuts. The peanut farmers filed their antitrust class action lawsuit in September 2019, arguing that Olam Peanut Shelling, Birdsong and Golden Peanut conspired together to reduce the price of runner peanuts. This alleged price-fixing was reportedly made possible through the three companies’ significant monopoly.


Together, the companies reportedly control around 80% of the peanut-shelling industry. When peanut farmers sold their runner peanuts — a popular peanut variety used to make peanut butter and other snacks — to the defendants, they were allegedly forced to sell their crops for a much lower price than was reasonable. After the defendants shelled the peanuts, they allegedly turned around and sold the products for a high price to candy companies and other manufacturers who use the peanuts.


The farmers contend the illegal conspiracy to “drive down the prices they paid America’s peanut farmers for their hard work” stemmed from a record year in 2012 that resulted in increased prices. In response to this drastic change in price, the companies allegedly agreed to conspire together to suppress and maintain the price of peanuts. These practices reportedly violated federal antitrust laws and cause significant financial harm to peanut farmers who had worked hard for their crops.


The Court's decision regarding the settlement affects those persons or entities in the United States who sold Runner Peanuts to Golden Peanut Company LLC, Birdsong Corporation, and Olam Peanut Shelling Company (or their subsidiaries or affiliates) from January 1, 2014 through December 31, 2019.


A hearing will be held on July 26, 2021, at 2:30 p.m., before the Honorable Raymond A. Jackson, United States District Judge, at the Walter E. Hoffman United States Courthouse, 600 Granby Street, Norfolk, VA 23510, Courtroom 4 (or such other courtroom as may be assigned for the hearing, or if the Court believes that it is appropriate, remotely by telephone or other electronic means), for the purpose of determining whether to approve the proposed settlement with Golden Peanut.

]]>Wed, 02 Jun 2021 06:02:00 -0400<![CDATA[FPS Introduces Online Enrollment Feature for Class Action Refund Recovery]]>https://www.financialpowerservices.com/blogs/post/class-action-settlement-refund-online-enrollmentRetain FPS online for your refund settlement recovery quick and easy!]]>

Retain FPS online for your refund recovery quick and easy!

FPS has launched a new innovative way to retain 3rd-party filing services for your antitrust settlement refund claim recovery, with online enrollment. Just by filling out basic information about your business, you can retain FPS to manage and file your business refund claim for class action settlements that pertain to your business and industry.


No other 3rd-party antitrust claim filing service currently offers this feature. Just FPS!


At launch, we have food industry refund settlements available for online claim management enrollment; "Butter and Cheese" and "Broiler Chicken", with deadlines coming up fast. We also have additional settlements you can enroll for FPS Claim Management early, with more being added soon.


If your business has missed a claim filing deadline, FPS also offers retroactive claim filing for select cases and businesses, with online enrollment being rolled out soon.


]]>Fri, 16 Apr 2021 06:00:00 -0400<![CDATA[Pilgrim's Pride Settles for $110 Million for Price Fixing Chicken]]>https://www.financialpowerservices.com/blogs/post/pilgrim-s-pride-settles-for-110-million-for-price-fixing-cPilgrim's Pride Agrees to $110 Million Settlement for Price Fixing.]]>

Which came first? The Chicken, or the Price Fixin'?

One of the largest poultry producers in the United States, Pilgrim's Pride, announced on Wednesday that it would pay $110.5 million to settle federal charges that it had helped fix prices - passing higher costs for chicken to consumers, restaurants and groceries.

The settlement comes after federal prosecutors ramped up pressure on top industry executives. This settlement reached with the Department of Justice will need to be approved by the U.S. District Court for the District of Colorado.

Back in June, prosecutors indicted two high ranking executives of Pilgrim's Poultry along with two others from Claxton Poultry. They were accused of colluding from at least 2012 to 2017 to manipulate prices and rig bids across the US.


The companies dispute the allegations, and will neither confirm nor deny which came first.
]]>Fri, 16 Oct 2020 05:51:00 -0400<![CDATA[Butter and Cheese $220 Million Dollar Class Action SETTLEMENT Reached]]>https://www.financialpowerservices.com/blogs/post/Butter-and-Cheese-Class-Action-SETTLEMENT-ReachedNMPF recently announced it will settle a class-action lawsuit with businesses who purchased cheese and butter from members who participated in the Cooperative Working Together (CWT) program for $220 million.]]>

Now if the Moon is made of Cheese, Or even Butter ...

On December 5th, 2019 the National Milk Producers Federation (NMPF) announced it will settle a class-action lawsuit introduced by larger retailers and companies who purchased cheese and butter from members who participated in the Cooperative Working Together program for a $220 million. Plaintiffs alleged the program unfairly raised dairy product prices, costing consumers and food retailers millions of dollars.

“Based on antitrust rules that mandate a tripling of any damages, 
[the $220 million] is less than 6 percent of the damages sought by plaintiffs” 
-NMPF release announcement


NMPF settled the case because it was at risk of even larger damages if the case gone to trial. “The settlement amount will be paid through existing CWT mechanisms, ensuring no disruption to other business operations,” the release further states.

“Given the potential damages and the uncertainties surrounding any jury trial, resolving this case eliminates the possibility of a truly crippling outcome,” says Jim Mulhern, NMPF president and CEO. “Lifting this cloud will aid us in work advancing the well-being of U.S. dairy producers, which includes the current robust CWT export assistance program.”

One source within NMPF says the organization was anticipating some kind of settlement would eventually have to be made. The original suit was filed in 2013, and NMPF has been building its CWT reserves over the past several years. It will surely have to use some CWT future funds as the terms of the settlement are worked out.

CWT officials anticipate they will be able to continue to operate CWT export assistance at the same level as they have in the recent past. During October, the CWT program has supported export sales of cheese, butter, whole milk powder and other dairy products that equate to nearly 900 million pounds of milk equivalent. In 2018, CWT export-supported sales topped 1 billion pounds of milk equivalent.

Do you have a food-industry related business?

If you purchased BUTTER or CHEESE between 2008 through 2013, you may eligible for a REFUND from this $220 MILLION DOLLAR Class Action Settlement.

For more information and to check your eligibility...
Get Started Now
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