VISA and Mastercard Settlement Deadline

May 28, 2024

If your business accepted Visa or Mastercard payments between January 1, 2004, and January 25, 2019, you could be entitled to recover some of the interchange fees paid during that period. Recently, on May 14, 2024, a Court Order granted an extension for claim submissions until August 30, 2024.

A significant class action lawsuit targeted Visa, Mastercard, and major banks, alleging that merchants were subjected to exorbitant interchange rates when processing Visa/Mastercard transactions. Consequently, a $5.5 billion settlement was reached to compensate qualifying merchants. As stated on the Official Court-Authorized Settlement Website, “The lawsuit addresses the claims that merchants bore inflated fees for accepting Visa and Mastercard cards due to violations of antitrust laws by Visa, Mastercard, and their respective member banks.”

The settlement fund will be distributed among businesses that accepted Visa or Mastercard during the specified period and file valid claims. While larger merchants stand to receive substantial payouts, even smaller businesses that incur interchange fees may receive reimbursement.

Claim forms were initially dispatched to eligible businesses in December 2023, and merchants should have received them by January 31, 2024. In case you haven’t received the form or are uncertain about your eligibility, reach out to the Class Administrator at info@PaymentCardSettlement.com or call 1-800-625-6440 for clarification. Documentation validating Visa and Mastercard transactions and interchange fees paid between 2004-2019 will be necessary.

For further details and to submit a claim, visit the Official Court-Authorized Settlement Website at VISA/MC.

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