Get Your Piece of the $5.5B Visa/Mastercard Settlement

Time is running out to file a claim

By Alan Wolf, YSN

If your business accepted Visa- or Mastercard-branded cards between 2019 and 2004, you may be entitled to a piece of a $5.5 billion class-action settlement with the financial giants.

According to an antitrust suit brought by seven merchants including Payless shoes and an independent New Jersey tech dealer called Capital Audio Electronics, both Visa and Mastercard and the 30-odd banks that issued their cards caused businesses to pay excessive interchange fees for accepting the plastic, well above the typical 1-2% of the purchase price.

Besides illegally setting interchange fees, the defendants also imposed, enforced and in some instances conspired to implement rules that limited merchants from steering their customers to other payment methods, the suit alleged.

Although the card companies and banks deny any culpability, they agreed to pay eligible merchants $5.54 billion in restitution. The settlement follows 13 years of extensive litigation, including 550 depositions and analyses of 60 million documents.

Eligible merchants were mailed claim forms throughout 2023. If you received a form and haven’t yet filed it, you have until 11:59 pm PST on Friday, May 31, 2024, to do so. You may file your claim here or scan the QR code located on the form.

If you didn’t receive a form but believe you may be eligible to claim a share of the settlement, contact the class administrator at 1-800-625-6440 or info@PaymentCardSettlement.com

The amount merchants receive from the settlement will be based on the fees they paid for Visa and Mastercard card transactions from Jan. 1, 2004, through Jan. 25, 2019, and the fund’s remaining balance after attorney’s fees, taxes and administrative costs are deducted.

Upcoming Events