A $5.5 billion antitrust settlement with Visa and Mastercard is imminent, and millions of businesses may be eligible for a payout. The settlement is the result of a 2005 lawsuit alleging that merchants paid excessive fees to accept Visa and Mastercard credit cards, and that Visa, Mastercard, and their member banks 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 for part of the settlement. Even eligible owners of businesses that have since closed or gone bankrupt can still submit a claim.
Mitch Goldstone, CEO of ScanMyPhotos.com and lead plaintiff in the lawsuit, expressed frustration at the difficulty in reaching out to small businesses to inform them about the settlement and how to file a claim. Despite efforts to simplify the claim process with a user-friendly form and barcode, many eligible merchants have not yet filed a claim. The deadline for filing 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.
Businesses must file a claim by the deadline to receive compensation from the settlement funds available for distribution among eligible merchants. The amount each business will receive as part of the settlement will be determined after all claims have been filed and validated
