A deadline is fast approaching for millions of businesses who could potentially receive a payout as part of a $5.5 billion antitrust settlement with Visa and Mastercard. This settlement originated from a 2005 lawsuit alleging that merchants paid excessive fees to accept Visa and Mastercard credit cards, and that these companies and their member banks violated antitrust laws. Any business that accepted Visa and/or Mastercard credit or debit cards in the U.S. between January 1, 2004 and January 25, 2019 may be eligible to receive a portion of the settlement. Even eligible owners whose businesses have closed or gone bankrupt can still submit a claim.
Mitch Goldstone, the CEO and owner of ScanMyPhotos.com and lead plaintiff in the lawsuit, expressed frustration at the difficulty in getting the news out to small businesses so they can file a claim in the settlement. Despite his efforts to create a user-friendly claim form with a simple QR barcode, most eligible merchants have still not filed their claims. Goldstone emphasized that filing a claim only takes a minute and encouraged businesses to act before the May 31, 2024 deadline.
To submit a claim, businesses can use the claims portal at PaymentCardSettlement.com or send a paper claim form by mail if received. Only businesses that file a claim by the deadline will receive money from the settlement. The payout for each business will be determined after all claims are filed and validated.
Businesses must act quickly if they want to take advantage of this opportunity to receive compensation for any losses they may have suffered as a result of accepting Visa and Mastercard credit cards during this time period. It’s important for business owners to understand their eligibility requirements before submitting their claim.
If you are unsure about whether your business qualifies for compensation under this settlement, it’s best to consult with an attorney experienced in antitrust law or review
