Last Updated on: 23rd January 2024, 02:31 pm
The court has mandated an initial settlement ranging from $5.54 to $6.24 billion to reimburse retailers for overpayment interchange fees spanning 15 years (2004-2019) for those utilizing Visa and Mastercard. The deadline for filing a claim is May 31, 2024.
Visa Mastercard Settlement Claim Form
The United States’ largest-ever private antitrust settlement has initiated the claims process, accusing shops of paying disproportionate payment processing fees to accept Visa and Mastercard cards.
The US District Court, Eastern Court of New York, has tentatively approved a minimum total payout of $5.54 billion, potentially increasing to $6.24 billion based on exclusions by class members. A significant portion of these funds is available to millions of US businesses.
Claim forms will be mailed in December 2023, with potential delays in receipt until January 2024 due to high volume. Businesses are advised to monitor mail and promptly file upon receiving a letter. You can also check the Water Settlement Payout Date And Claim Deadline.
How to file a claim for a Visa Mastercard settlement claim?
Follow these steps to file a Visa Mastercard settlement claim:
- Visit https://www.paymentcardsettlement.com/.
- Select the “Visa Mastercard Settlement Claim Form” option.
- Enter your Claimant ID and view the control number options.
- Complete the reCAPTCHA.
- Provide necessary personal information and attach required documents.
- Ensure updated information, such as bank details and email, is provided.
- Submit the claim to be eligible for a Visa Mastercard settlement claim.
Eligibility for Visa Mastercard Settlement Claim Form
Approximately 12 to 18 million American companies that used Visa and Mastercard funds between January 1, 2004, and January 25, 2019, are eligible. Small enterprises, families, minority-owned companies, and even closed or bankrupt businesses can seek compensation.
Settlement Payment Details
The settlement payment, distributed for operations conducted with Visa and Mastercard between 2004 and 2019, varies based on available funds, admissible claims, legal fees, tax charges, class administration costs, and compensation to class plaintiffs. Eligible Settlement Class merchants will receive $5.54 billion from Visa, Mastercard, and Bank Defendants.
Check also, the NHT Refund Application Form
Lawsuit Overview
The lawsuit focuses on interchange fees charged to businesses from 2004 to 2019 accepting Visa or Mastercard cards. Plaintiffs allege that Visa, its member banks, and Bank Defendants broke the law by establishing interchange fees and limiting retailer options. The complaint also asserts collusion between Mastercard and Visa, resulting in excessive interchange fees.
Payment Timeline
Claims Period ends on May 31, 2024, and payments are anticipated post this date. The timing is uncertain, awaiting the establishment of proportionate amounts after all claims are submitted, examined, and final amounts are court-approved.
