22/10/2024
If you are a business owner, and accepted Visa and Mastercard payments between 2004 โ 2019, keep reading!
Visa and Mastercard were found to be price fixing for 15 years between and overcharging their customers. A court battle ensued, and the lawsuit alleged that Visa and Mastercard violated antitrust laws by charging excessive fees to merchants for processing credit card transactions.
When it was clear they were not going to come out on top, and before the courts could impose a penalty amount, Visa/MC proposed a settlement for $5.5 Billion dollars to cover the costs of the settlement, as well as paying back a portion of the overcharging of the interchange fees from 2004-2019.
Most businesses never learned about this because only a single post card was ever sent out up until recently.
The $5.5 billion settlement between Visa and Mastercard is legitimate; it is a court-approved settlement resolving a class action lawsuit alleging that the companies charged merchants excessive fees for processing credit card transactions between 2004 and 2019, allowing eligible merchants to claim a portion of the settlement fund if they meet the criteria and file a claim.
If your business accepted Visa and Mastercard payments between January 1, 2004, and January 25, 2019, you are eligible to file a claim for a portion of the settlement.
Eligible merchants can file a claim through the official settlement website to receive a portion of the $5.5 billion fund (link in comments).
Court documents are available on the website as well.
Link to submit is in the comments.
