Deadline Approaching: Businesses Urged to Claim Their Share
Who is Eligible and How to File Claims
According to as, businesses across the United States are facing a crucial deadline to claim their portion of a historic $5.5 billion settlement involving Visa, Mastercard, and affected merchants. This settlement resulting from a class action lawsuit addresses allegations that Visa and Mastercard engaged in anticompetitive practices by imposing high interchange fees on merchants who accepted their cards. These fees which typically ranged from 1% to 2% of transaction amounts were claimed to have unfairly burdened businesses nationwide from January 1, 2004 to January 25, 2019.
Eligibility for the settlement encompasses all businesses individuals and entities that accepted Visa-Branded and/or Mastercard-Branded cards during the specified timeframe. The deadline for eligible parties to submit their claims is August 30, 2024. Claims can be filed online via the Payment Cards Settlement website or using a Taxpayer Identification Number for those who did not receive a claim form by mail. Distribution of claim forms commenced in December 2023 and has been ongoing ensuring that all affected parties have the opportunity to participate in this restitution effort.
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$5.5 Billion Settlement for Businesses Impacted by Visa and Mastercard Anticompetitive Practices: Deadline is August 30, 2024-Claim Your Share Now! (PHOTO: Finance & Commerce)
Major Retail Corporations Criticize Settlement Terms
The settlement has sparked varied reactions, particularly from major retail corporations which argue that the terms fail to adequately address the concerns of larger merchants who processed the bulk of Visa and Mastercard transactions. As the deadline approaches businesses are urged to verify their eligibility status and promptly submit their claims. Doing so will enable them to seek compensation for the financial hardships endured due to the alleged anticompetitive behaviors of these global payment entities. This moment represents a pivotal opportunity for affected merchants to pursue restitution and potentially receive substantial financial relief.
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