Businesses across the US have until May 31, 2024 to receive a payout as part of the $5.5 billion antitrust settlement with Visa and Mastercard. This settlement was initiated in 2005 following allegations that merchants paid excessive fees for accepting Visa and Mastercard credit cards, and that these companies violated antitrust laws. Any business that accepted Visa or Mastercard credit or debit cards between January 1, 2004 and January 25, 2019 may be eligible to receive a portion of the settlement.
Mitch Goldstone, CEO of ScanMyPhotos.com and lead plaintiff in the lawsuit, expressed frustration at the lack of awareness among small businesses about the opportunity to file a claim for compensation. Despite his efforts to simplify the claims process through a user-friendly claim form with a QR barcode, many eligible merchants have still not filed their claims. Goldstone emphasized that filing a claim is quick and easy, taking only one minute, and urged businesses to act before the deadline to ensure they received their share of the settlement money.
To submit a claim for compensation under this settlement, businesses can use an online claims portal at PaymentCardSettlement.com or send their paper claim form by mail if received by May 31st. It’s important to note that only businesses that file a claim before the deadline will be eligible for payment from this settlement fund which will be determined after all validated claims are processed.
