Businesses 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 claim a share of the nation’s largest antitrust class-action settlement in history.
The deadline to file a claim in the $5.5 billion settlement is Friday, May 31, 2024. Only businesses that submit a claim by the deadline will get money from the settlement, which comes after a 19-year battle in court focused on business owners paying allegedly inflated Visa and Mastercard interchange fees.
Claims can be submitted on the claims portal at PaymentCardSettlement.com and the process takes as little as five minutes. Bankrupt or shuttered businesses or those that changed owners can submit a claim but must do so quickly.
More than 18 million businesses received claim forms by mail. Business owners simply scan the QR code on the claim form and are taken to a personalized, secure page in the claims portal pre-filled with business credentials.
Business owners without a claim form can go to the claims portal, use a TIN to confirm their identity, then follow the easy steps to submit. Be ready with documentation showing that you are authorized to file a claim on behalf of the business.
Claims can also be submitted by mail. For instructions, visit http://PaymentCardSettlement.com.
There is no set amount of money businesses will receive. Payments will be calculated after all claims are filed and validated and will depend on the value of all eligible payment card transactions and the number of claims received, among other factors, and they could range from tens of dollars to hundreds of thousands.
“We’ve made the claims process easy and quick so as many businesses as possible can submit a claim and get their share from the settlement,” commented Alexandra Bernay, Co-Lead Counsel on the case, and partner at Robbins Geller Rudman & Dowd LLP. “Although it’s taken nearly 20 years to get to this point, we are doing everything possible to get the settlement funds into business owners’ hands. I urge business owners not to wait – submit a claim today to see if they are qualified to receive money from the settlement.”
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