The deadline is approaching for millions of businesses to submit a claim for a payout in the $5.5 billion antitrust settlement with Visa and Mastercard. This settlement, which resulted from a 2005 lawsuit, alleged that merchants paid excessive fees to accept Visa and Mastercard credit cards. Additionally, it claimed that Visa, Mastercard, and their member banks violated antitrust laws.
Eligible businesses that accepted Visa and/or Mastercard credit or debit cards in the U.S. between January 1, 2004, and January 25, 2019 can receive part of the settlement. Even owners of eligible businesses that have closed or gone bankrupt since then can still submit a claim. Mitch Goldstone, CEO and owner of ScanMyPhotos.com (a film scanning business), is the lead plaintiff in the lawsuit who expressed frustration over many eligible merchants not filing their claims yet.
The deadline to file a claim is Friday, May 31st, 2024. Claims can be submitted online through the PaymentCardSettlement portal or by mail if a paper claim form was received. It’s important to note that only businesses that file a claim before the deadline will receive any money from the settlement. The amount each business will receive will be determined after all claims are submitted and validated
