Businesses pay swipe fees on every customer transaction conducted via credit card. Now there’s an opportunity to get some of this money back – but the deadline to submit a claim is fast approaching.
Visa and Mastercard settled a class action lawsuit regarding excessive swipe fees. This year, the cash settlement of $5.5 billion will be dispersed to eligible U.S.-based businesses (whether currently operational or defunct) that submit claims.
“The lawsuit is about claims that merchants paid excessive fees to accept Visa and Mastercard cards because Visa and Mastercard, individually, and together with their respective member banks, violated the antitrust laws,” according to the official court-authorized settlement website.
“The settlement creates the following Rule 23(b)(3) Settlement Class: All persons, businesses, and other entities that have accepted any Visa-Branded Cards and/or Mastercard-Branded Cards in the United States at any time from January 1, 2004 to January 25, 2019, except that the Rule 23(b)(3) Settlement Class shall not include (a) the Dismissed Plaintiffs, (b) the United States government, (c) the named Defendants in this Action or their directors, officers, or members of their families, or (d) financial institutions that have issued Visa-Branded Cards or Mastercard-Branded Cards or acquired Visa-Branded Card transactions or Mastercard- Branded Card transactions at any time from January 1, 2004 to January 25, 2019.”
So, if you accepted Visa and/or Mastercard between 2004 and 2019, you’re now eligible to claim your share of a $5.5 billion settlement.
“There is zero risk in submitting a claim, and there is no up-front cost,” said claims advisor Matt Wolking, who is working with Cooper Law Partners to help businesses with their claims. Claims can either be submitted on the settlement website directly or through a legal firm.
Claims must be submitted by May 31, 2024.