A $5.5 billion antitrust settlement with Visa and Mastercard is set to benefit millions of businesses, with a deadline approaching for potential payouts. The settlement dates back to a lawsuit filed in 2005, alleging that merchants were charged excessive fees by Visa and Mastercard. It was claimed that these companies, along with their member banks, were in violation of antitrust laws.
Efforts have been made to make the filing process simple for businesses that accepted Visa and/or Mastercard credit or debit cards in the U.S. between January 1, 2004 and January 25, 2019. This includes a user-friendly claim form with a QR barcode. The deadline to file 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.
Mitch Goldstone, CEO of ScanMyPhotos.com and lead plaintiff in the lawsuit, expressed frustration at the lack of awareness among eligible merchants about the settlement. He urged businesses to take advantage of this opportunity to receive part of the $5.5 billion settlement before the deadline passes.
Only businesses that submit 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 filed and validated.
It’s worth noting that even owners of businesses that have since closed or gone bankrupt may still claim a portion of the settlement.
This antitrust settlement is set to provide much-needed relief for many businesses that have been overcharged by Visa and Mastercard in the past decade.
Businesses should not miss out on this opportunity to receive compensation for excessive fees charged by these two payment card giants.
With just one more month left until the deadline passes, it’s time for eligible merchants to file their claims and receive their share of the $5
