Businesses that accepted Visa and/or Mastercard credit or debit cards in the U.S. between January 1, 2004 and January 25, 2019 may be entitled to a payout in a $5.5 billion antitrust settlement with Visa and Mastercard. This settlement arises from a 2005 lawsuit that alleged merchants paid excessive fees to accept Visa and Mastercard credit cards, and that Visa, Mastercard, and their member banks acted in violation of antitrust laws. The lead plaintiff in the lawsuit, Mitch Goldstone, CEO and owner of ScanMyPhotos.com, has been working to inform small businesses about the settlement so they can file a claim.
Despite efforts to spread awareness about the settlement, many eligible merchants have not yet filed their claims. Goldstone expressed frustration at the lack of response, as it only takes a minute to file a claim. The deadline to file a claim is Friday, May 31, 2024. Claims can be submitted on the claims portal PaymentCardSettlement.com and by mail if a company received a paper claim form. Only those businesses that submit a claim by the deadline will receive a payout from the settlement, and the exact amount each business will receive will be determined after all claims are filed and validated.
The settlement provides an opportunity for businesses that may have been affected by excessive fees when accepting Visa and Mastercard credit or debit cards to receive compensation. Eligible owners of businesses that have since closed or gone bankrupt can also submit a claim. It is essential for businesses to take advantage of this opportunity before the deadline passes in order to receive their portion of the $5.5 billion settlement. The simplicity of filing a claim, along with the potential financial benefit, makes it worthwhile for businesses to participate in this process and secure the compensation they may be entitled to.
The news of this multimillion-dollar antitrust settlement with Visa and Mastercard highlights the importance of holding major corporations accountable for their actions and ensuring fair practices in the business world. It serves as a reminder to merchants and small business owners to stay informed about such developments that could impact their financial well-being. By actively participating in the claims process, businesses can assert their rights and potentially benefit from the settlement funds. The efforts of lead plaintiffs like Mitch Goldstone demonstrate the commitment to helping fellow merchants navigate the complexities of the legal system and access the compensation they deserve.
