Visa Mastercard $5.54 Billion Interchange Fee Settlement

What is the Visa and Mastercard's Payment Card Interchange Fees Settlement?

Merchants who have accepted Visa and Mastercard payments may be eligible for a portion of a substantial $5.54 billion settlement. This settlement comes as a resolution to claims that Visa and Mastercard, along with certain banks, violated antitrust laws by fixing interchange fees at unfairly high rates. If you are a merchant who accepted these cards between January 1, 2004, and January 25, 2019, you might be entitled to a settlement award.

Who Benefits?: The settlement is designed to benefit U.S. merchants who accepted Visa and Mastercard payments during the specified period. This includes a diverse group of businesses ranging from small local stores to large corporations.

How much can I get?: The exact amount each claimant will receive is not predetermined. It will depend on a number of factors, including the total number of valid claims filed and the amount of interchange fees you paid during the class period. Generally, you can receive the amount of your interchange fees paid, which is typically around 1% of the transaction. However, there are proration considerations if the amount of claims exceed the settlement fund.

Eligibility Requirements

If you are a merchant who accepted Visa or Mastercard payments between January 1, 2004, and January 25, 2019, you may be eligible for compensation. The lawsuit alleged that Visa and MasterCard's actions led to artificially high interchange fees, which may have resulted in you paying more than you should have.

In addition, if you were discouraged or prevented from encouraging customers to use lower-cost forms of payment, such as cash and checks, you may also be eligible for compensation. The lawsuit alleged that this is a violation of your rights as a merchant and may have led to higher costs for you and your customers.

Relevant Time Period for Claims

If you accepted Visa or Mastercard payments from January 1, 2004, to January 25, 2019, you may be eligible to join the settlement.

You Must Submit Proof with Your Claim

To submit a claim, you may need to provide a report with the following information:

1. Interchange fees paid attributable to your business
2. Merchant discount fees paid
3. Your business' merchant category code and/or a description of your business
4. Total Visa and Mastercard transaction volume and/or total sales volume.
   

How Much Can I Expect to Receive?

Eligible class members can receive up to 1% of their total revenue processed by Visa and MasterCard. This can be a significant sum and have an even larger impact to a merchant's profit margins.

Important Dates

• Claim Filing Deadline: May 31, 2024
• Final Approval: The settlement has received final approval from the court.

How to Claim Your Award

To claim your award, you must file a claim with the Class Administrator by the deadline of May 31, 2024. You can file your claim online by visiting the official claim submission page.

Claim forms were mailed starting December 1, 2023, and will continue to be sent out throughout December. If you have not received a form by mid-January 2024, you can download one from the official settlement website or contact the Class Administrator for assistance.

Alternatively, you can submit your claim through Shamis & Gentile P.A.

Analyzing the Settlement Amount

The $5.54 billion settlement fund was agreed upon after extensive negotiations and mediation. The fund will be used to compensate class members, cover the costs of administration and notice, and pay attorneys' fees and expenses, as approved by the Court.

The amount of money each Authorized Claimant will receive depends on the total available funds after these deductions and the number of valid claims filed.

Why Is There a Class Action Settlement?

The settlement resolves a long-standing legal dispute over interchange fees and merchant rules related to Visa and Mastercard transactions. By agreeing to the settlement, the parties avoid the costs and risks associated with continued litigation and trial.

The settlement provides monetary compensation to merchants who were potentially affected by the alleged antitrust violations, ensuring they receive a portion of the settlement fund without the need for further legal action.

Submit Your Claim Today

If you believe you have been affected by the payment card interchange fee and merchant discount antitrust litigation, complete the claim form at the bottom of the page.