A $5.5 billion antitrust settlement is currently on the horizon for millions of businesses that accepted Visa and Mastercard credit or debit cards in the U.S. between January 1, 2004, and January 25, 2019. This settlement stems from a 2005 lawsuit that claimed merchants were charged excessive fees for accepting these credit cards and alleged violations of antitrust laws by Visa, Mastercard, and their member banks.
To be eligible for a payout from this settlement, businesses must have accepted Visa or Mastercard credit or debit cards during the specified time period. Even businesses that have since closed or gone bankrupt can still submit a claim. However, despite efforts to spread the word about filing a claim, many eligible merchants have not yet taken advantage of this opportunity.
The deadline to file a claim is Friday, May 31, 2024. Claims can be submitted online at PaymentCardSettlement.com or by mail if a paper form was received. It’s important to note that only those businesses that file a claim by the deadline will receive a payout from the settlement. The exact amount of each payout will be determined once all claims are submitted and validated.
Mitchell Goldstone, the lead plaintiff in the lawsuit and CEO of ScanMyPhotos.com, expressed frustration with the low response rate from eligible businesses and emphasized the simplicity of the filing process. “We encourage all eligible businesses to take advantage of this opportunity to receive compensation for any fees they may have been overcharged,” said Goldstone. “The process is straightforward and should only take a few minutes to complete.”
