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. This settlement, resulting from a 2005 lawsuit, alleged that merchants paid excessive fees to accept Visa and Mastercard credit cards. The lawsuit 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.