Key insights
- Visa and Mastercard recently settled a lawsuit claiming business owners were charged excessive fees.
- Businesses that accepted Visa and Mastercard credit cards between January 2004 and January 2019 may be entitled to a cut of a $5.54 billion settlement.
- Claims are due soon — by May 31, 2024.
Need assistance filing a Visa/Mastercard settlement claim?
In recent years, many business owners have found themselves paying higher prices for just about everything.
One of these expenses is credit card interchange or swipe fees, charged by major credit card companies when accepting customer payments. These fees — meant to cover the cost of processing payments —are often structured in a complex manner, creating confusion and sometimes a significant impact to a company’s bottom line.
Visa and Mastercard recently settled a lawsuit claiming business owners were charged excessive fees. This settlement permits business owners to claim their portion of these excessive fees for the period of January 1, 2004, through January 25, 2019.
Who does this impact?
All persons, businesses, and other entities that accepted Visa and Mastercard credit cards at any time during the covered January 1, 2004 – January 25, 2019, timeframe.
What is the settlement?
Claims will share in the settlement fund of $5.54 billion, pro rata based on all claims filed. However, due to the nature of the pro rata, actual settlement amounts will not be known until all claims are received and processed.
How can you claim your settlement?
Claimants must file a valid and timely claim. Claims are processed through the official website, paymentcardsettlement.com.
When should you act?
All claims must be filed by May 31, 2024. Claims filed after this date will not be eligible for the settlement. With settlements paid on a pro rata basis, payment will likely take significant time.
How we can help
While you may choose to navigate this process yourself, CLA is here to help. With the upcoming due date quickly approaching, our team can help you to review and file the claims for your business.
Contact Us
Need assistance filing a Visa/Mastercard settlement claim? Complete the form below to connect with CLA.
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