A 2005 lawsuit that claimed retailers paid exorbitant fees for accepting Visa and Mastercard credit cards has been resolved by a settlement. A settlement between Visa and Mastercard and a US retailer was revealed. $5.54 billion will be divided among the qualified applicants. The time limit for submitting a claim is May 31, 2024.
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Visa and Mastercard Settlement Update
Several entrepreneurs have discovered that prices for almost everything have increased in recent years. Recently, Visa and Mastercard settled a lawsuit alleging that business owners were overcharged due to the allegations of unfair credit card practices.
Through this settlement, business owners will be able to claim their share of these disproportionate fees from January 1, 2004, until January 25, 2019. The Deadline to file a claim payment card interchange fee settlement is May 31, 2024.
Pro rata to all filed claims, the settlement sum of $5.54 billion will be divided among the submitted claims. The precise compensation amounts aren’t going to be known till all claims have been received and processed, though, because of the pro rata system.
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Deadline to Claim Payment Card Interchange Fee Settlement
Millions of businesses have a limited amount of time left to secure a portion of the biggest antitrust laws class-action settlement in US history. There is only one month left for business owners to file a claim in the enormous $5.5 billion settlement.
The claim period ends on Friday, May 31, 2024. If you obtained a printed claim form, you might send it by mail or through the official claims portal. Companies will only get funds from the settlement if they file a claim by the deadline.
The 19-year legal struggle over business owners allegedly paying exorbitant Visa and Mastercard interchange fees culminated in the settlement.
Who is eligible for Visa and Mastercard Settlement?
Any individuals, companies, and other organizations that received any Visa-Branded Cards and/or Mastercard-Branded Cards in the United States between January 1, 2004, and January 25, 2019, are eligible with the exception that the following parties will not be included in the Rule 23(b)(3) Settlement Class:
- (a) the Plaintiffs who were dismissed;
- (b) the United States government;
- (c) the identified Plaintiffs in this action, or any or all of their employees, directors, officers, or family members; or
- (d) banking institutions that provided Visa-Branded Cards or Mastercard-Branded Cards or obtained Visa-Branded Card transactions or Mastercard-Branded Card transactions between January 1, 2004, and January 25, 2019.
How to file a claim for Visa and Mastercard Settlement?
On December 1, 2023, claim forms were mailed to every known class member. If you filed online, you had to send in your claim form until May 31, 2024, at 11:59 p.m. PST. Here is the step-by-step procedure for filing a claim for Payment Card Interchange Fee Settlement.
- Navigate to the https://www.paymentcardsettlement.com/ webpage.
- Hit and locate the file with a claim option.
- A form appears on the screen.
- Enter your Claimant ID and Control number in the required session.
- Put out the required information such as name, company, phone number, email address, etc., and attach the required documents if needed.
- The next step is to fill out the reCAPTCHA.
- Hit the submit a claim button.
How much will you receive from this Settlement?
There is no predetermined sum; instead, payments will be determined upon the filing and validation of all claims, taking into account the total amount of all eligible credit card transactions as well as the volume of claims submitted.
This might result in payments ranging from a few thousand to hundreds of dollars. As per the settlement agreement, merchants who did not opt out of the Settlement Class will receive a portion of $5.54 billion from Visa, Mastercard, and the Bank Defendants.
The settlement fund will be used to pay any merchant in Rule 23(b)(3) Settlement Class who filed a legitimate claim (a.k.a. “Authorized Claimant”) and did not remove themselves from the class by the deadline.
When can I expect to be paid?
You must be aware of the payout date when you submit a claim. You’ve come to the correct website if you’re looking for information about when you’ll be paid. It is anticipated that no payments will be issued until after the Claims Period concludes on May 31, 2024.
Because the pro rata cannot be established until all claims have been submitted, examined, and approved in full by the court. However, there is currently no information available about the payment schedule.
However, it is advisable to exercise patience as you will receive payment in a few weeks following the conclusion of the filing session.
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