A deadline is fast approaching for millions of businesses that may be eligible for a payout in a $5.5 billion antitrust settlement with Visa and Mastercard. The settlement, which resulted from a 2005 lawsuit, claimed that merchants paid excessive fees to accept Visa and Mastercard credit cards and that the companies violated 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 to receive part of the settlement. Owners of eligible businesses that have closed or gone bankrupt since then can also submit a claim. Mitch Goldstone, the CEO and owner of ScanMyPhotos.com, a film scanning business, is the lead plaintiff in the lawsuit. He expressed frustration that many eligible merchants have not yet filed their claims.
The deadline to file a claim is Friday, May 31, 2024. Claims can be submitted online through the claims portal PaymentCardSettlement.com or by mail if a paper claim form was received. Only businesses that file a claim by the deadline will receive money from the settlement. The amount of the payout for each business will be determined after all claims are submitted and validated.
Merchants who have not yet filed their claims should do so as soon as possible to ensure they receive their share of the settlement money before it runs out.
Visa and Mastercard were accused of charging excessive fees to merchants who accepted their credit cards in exchange for providing access to their networks.
The case alleged that Visa and Mastercard charged more than what was necessary for merchants to access their networks.
It also claimed that both companies violated antitrust laws by preventing other payment providers from entering into competition with them.
To be eligible for compensation under this settlement agreement, businesses must have accepted Visa or Mastercard credit or debit cards in the United States between January 1, 2004, and January 25, 2019.
They must also meet certain other requirements outlined in the settlement agreement.
If you believe your business meets these requirements and you want to receive compensation under this settlement agreement