A deadline is fast approaching for millions of businesses that may be eligible for a payout in a $5.5 billion antitrust settlement with Visa and Mastercard. The settlement, resulting from a 2005 lawsuit, alleged that merchants paid excessive fees to accept Visa and Mastercard credit cards. It also claimed that Visa, Mastercard, and their member banks violated 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, may qualify to receive part of the settlement. Owners of eligible businesses that have closed or gone bankrupt since then can also submit a claim. Mitch Goldstone, the CEO and owner of ScanMyPhotos.com, a film scanning business, is the lead plaintiff in the lawsuit. He expressed frustration that many eligible merchants have not yet filed their claims.
The deadline to file a claim is Friday, May 31, 2024. Claims can be submitted online through the claims portal PaymentCardSettlement.com or by mail if a paper claim form was received. Only businesses that file a claim by the deadline will receive money from the settlement. The amount of the payout for each business will be determined after all claims are submitted and validated.
The antitrust lawsuit against Visa and Mastercard has been ongoing for over two decades now with millions of small businesses allegedly being charged exorbitant fees by these card companies while violating antitrust laws.
Eligible businesses should take advantage of this opportunity to get back some of their hard-earned money from these big corporations before it’s too late.
It is important to note that only those who file their claims on time will receive any compensation from this massive payout.
Merchants should act quickly to ensure they don’t miss out on this chance to reclaim some funds they may have lost due to excessive fees charged by Visa and Mastercard.
In conclusion, millions of small businesses across America stand to benefit from this antitrust settlement with Visa and Mastercard but only if they take action before May 31st deadline arrives.