A $5.5 billion antitrust settlement with Visa and Mastercard is on the horizon, and millions of businesses may be eligible for a payout. The settlement stems from a 2005 lawsuit that accused merchants of paying excessive fees to accept Visa and Mastercard credit cards and violating antitrust laws.
Businesses that accepted Visa and/or Mastercard credit or debit cards in the U.S. between January 1, 2004, and January 25, 2019, may qualify for a portion of the settlement. Even owners of businesses that have since closed or gone bankrupt can still submit a claim.
Mitch Goldstone, CEO of ScanMyPhotos.com and lead plaintiff in the lawsuit, expressed frustration with reaching out to small businesses to inform them about the settlement and how to file a claim. Despite efforts to simplify the claim process with a user-friendly form and barcode, many eligible merchants have not yet filed a claim. The deadline for filing a claim is Friday, May 31, 2024. Claims can be submitted online at PaymentCardSettlement.com or by mail if a paper claim form was received.
It is crucial for businesses to file a claim by the deadline in order to receive compensation from the settlement. The amount each business will receive will be determined after all claims have been filed and validated. Don’t miss out on this opportunity to potentially receive compensation for excessive fees paid to accept Visa and Mastercard credit cards.
