$5.5 billion Antitrust Settlement with Visa and Mastercard: Millions of Businesses Eligible for Payout
A $5.5 billion antitrust settlement with Visa and Mastercard is in sight, and millions of businesses could be eligible for a payout. This settlement is the result of a 2005 lawsuit that claimed merchants paid excessive fees to accept Visa and Mastercard credit cards, and that the companies 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, could receive part of the settlement. Even owners of closed or bankrupt businesses can still submit a claim.
Mitch Goldstone, CEO of ScanMyPhotos.com and lead plaintiff in the lawsuit, expressed frustration with reaching out to small businesses to inform them about the settlement and how to file a claim. Despite efforts to simplify the process with a user-friendly form and barcode, many eligible merchants have not filed a claim yet. The deadline for filing a claim is May 31, 2024. Claims can be submitted online at PaymentCardSettlement.com or by mail if a paper claim form was received.
It is crucial for businesses to file a claim by the deadline to receive compensation from the settlement amount determined after all claims have been filed and validated. Don’t miss this opportunity!
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