Millions of Businesses Have Chance for Compensation in $5.5 Billion Visa-Mastercard Antitrust Settlement

As the deadline for payouts from a $5.5 billion antitrust settlement with Visa and Mastercard approaches, millions of businesses have the chance to receive compensation for excessive fees charged for accepting these credit cards. The settlement stems from a 2005 lawsuit that accused the companies and their member banks of violating antitrust laws by charging merchants exorbitant fees.

Any business that accepted Visa or Mastercard credit or debit cards in the U.S. between January 1, 2004, and January 25, 2019, may be eligible for a portion of the settlement. Even those that have since closed or gone bankrupt can still submit a claim. Despite efforts to spread awareness about filing a claim, many eligible merchants have not yet done so.

The deadline for submitting claims is May 31, 2024. Claims can be submitted online at PaymentCardSettlement.com or by mail if a paper form was received. Only those businesses that file their claims by this date will receive compensation from the settlement fund. The exact amount each business will receive remains to be determined until all claims are submitted and validated, but it could potentially be thousands of dollars per merchant.

Mitchell Goldstone, who led the lawsuit against Visa and Mastercard as CEO of ScanMyPhotos.com, expressed frustration over the low response rate from eligible businesses and emphasized how simple it is to file a claim during an interview with CNN Business earlier this year: “We’ve tried to make this process as easy as possible,” he said. “Businesses just need to go online and fill out a form.”