A $5.5 billion antitrust settlement with Visa and Mastercard is offering a potential payout to millions of businesses, with a looming deadline of May 31, 2024. This settlement, resulting from a 2005 lawsuit, alleged that merchants faced excessive fees for accepting Visa and Mastercard credit cards, and accused the companies and their member banks of violating 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, are eligible to participate in the settlement. Even businesses that have since closed or gone bankrupt can still submit a claim for their share of the settlement.
Mitch Goldstone, CEO of ScanMyPhotos.com and the lead plaintiff in the lawsuit, expressed frustration over the low number of eligible merchants who have filed claims. Despite efforts to simplify the process, many businesses have yet to take advantage of this opportunity.
To file a claim, businesses can visit the claims portal at PaymentCardSettlement.com or submit a claim by mail if they received a paper form. It is crucial for businesses to meet the May 31, 2024 deadline to be considered for a payout. Only businesses that submit a claim by the deadline will receive a portion of the settlement funds, with the exact amount to be determined after all claims are validated.
