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Claim Your Share of the $5.54 Billion Visa/Mastercard Settlement - Find Out If You're Eligible
Did You Accept Visa or Mastercard Payments? You May Be Eligible for a Settlement Claim!
If your U.S. business accepted Visa or Mastercard credit or debit card payments between January 1, 2004, and January 25, 2019, you may be eligible to file a claim as part of a $5.54 billion settlement. This settlement relates to class-action litigation concerning interchange fees charged by Visa and Mastercard. Don't miss the opportunity to recover your award—check your eligibility and submit your claim today.
- Deadline to file a claim for the Visa/Mastercard settlement is February 4, 2025.
- Deadline to file a claim for the Visa/Mastercard settlement is February 4, 2025.
- Deadline to file a claim for the Visa/Mastercard settlement is February 4, 2025.
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Frequently Asked Questions
Who is eligible to make a claim?
Any U.S. business that accepted Visa or Mastercard credit or debit cards from January 1, 2004, to January 25, 2019, is eligible to file a claim, including businesses that are no longer in operation.
What is this lawsuit about?
This lawsuit involves merchants' claims that Visa, Mastercard, and certain banks violated antitrust laws by setting interchange fees and enforcing rules that prevented merchants from directing customers to cheaper payment methods, leading to excessive fees.
What is an interchange fee?
An interchange fee is a charge paid by merchants when customers use Visa or Mastercard payment cards, typically ranging from 1% to 2% of the transaction amount, representing a major part of the cost for accepting these cards.
What is the current status of the case?
The settlement was approved on August 8, 2023. Claim forms have been available online since December 1, 2023, and the final deadline to submit claims is February 4, 2025.
Why is this a class action lawsuit?
This class action represents all U.S. merchants with similar claims against Visa, Mastercard, and associated banks, allowing collective legal action. The settlement applies to all class members unless they opted out.
Why is there a settlement?
The settlement was agreed upon to avoid the time, costs, and risks of a trial and appeals. After extensive litigation, both parties decided settling would be quicker and more beneficial for the class members.
How much money will be provided in this settlement?
Visa, Mastercard, and several banks have agreed to provide $5.54 billion to eligible merchants. This fund will cover valid claims, settlement costs, taxes, attorneys’ fees, and service awards.
How much money will I get?
Your compensation will be based on the interchange fees your business paid from January 1, 2004, to January 25, 2019. The amount will depend on the total value of claims and settlement costs, with each payment being a pro-rata share of the total fund.
When will I get paid?
Payments are expected after the final claim deadline of February 4, 2025. The exact amount will be determined once all claims are processed and approved by the Court.
Who decides the value of my claim?
The Class Administrator estimates your claim value based on interchange fee data. If data is insufficient or disputed, you may need to provide additional documentation to support your claim.
What if the Class Administrator doesn’t have my data?
If the Class Administrator lacks data on your fees, you can still file a claim. You might need to estimate your fees or provide additional financial documents, which will be verified or supplemented as needed.
Will I need to produce my financial statements?
Usually, your settlement amount is calculated using your business's EIN data. If there are disputes, legal assistance will help resolve them and substantiate your claim.
What happens if my business is no longer in operation?
Businesses that are no longer operating but accepted Visa or Mastercard cards between 2004 and 2019 are still eligible to file a claim.
How will the lawyers and Rule 23(b)(3) Settlement Class Plaintiffs be paid?
Class Counsel will receive 9.31% of the settlement fund for their fees. Class Plaintiffs who represented merchants will get service awards between $50,000 and $200,000.
What if I was operating as a sole proprietor under my social security number?
You are still eligible to claim if you processed payments using your social security number as a sole proprietor.
What happens if I have multiple TINs?
Each TIN is treated separately. You must submit a separate claim for each TIN, but if your business had multiple addresses under the same TIN, only one claim is needed for that TIN.
Intake Form
How To Submit Your Claim for the Settlement
To start the process for claiming your portion of the Visa Mastercard settlement, please complete the intake form. Ensure that the legal name of your business entity is accurately entered, as this information will appear on all documents.
Disclaimer: Please note that your taxpayer identification number (TIN) will not be requested on the initial intake form. It will be required later in the Authority to Represent document. Additionally, ensure that the person signing the documents has the appropriate signing authority for the business. Junior titles may cause delays and necessitate re-signing of documents.
Important Steps:
1. Complete the Intake Form:
Make sure to enter the legal name of your business entity and check the spelling carefully, as this information will appear on all documents.
2. Multiple Legal Entities:
If you have multiple legal entities, each entity must be treated as a separate case. Please submit a separate intake form for each legal entity.
3. Receive and Sign Documents:
Within 2 to 5 minutes of submitting the form, you will receive two documents from PandaDoc:
- An Engagement Letter
- An Authority to Represent (TIN will be collected here)
Review, sign, and return these documents promptly.
Both documents will be required per Legal Entity. For example, if you submit 3 legal entities, you will receive 6 documents in total.
4. Case Submission and Review:
Once we receive your signed documents, our legal team will submit your case to the settlement administrator.
You will receive an approval status within 4 to 6 weeks.
An estimate of the gross amount you may receive will be provided 4 to 6 weeks after approval.
5. Follow-Up:
Our team or legal counsel may contact you if additional information or document re-signing is needed. Common emails used throughout the process are:
By following these steps, you will ensure that your claim is processed efficiently.