The claims process has begun for the U.S. businesses’ settlement in the largest antitrust class-action lawsuit in U.S. history, and millions of business owners nationwide are expected to file claims to receive their share of the $5.5 billion court-approved settlement agreement.
This unprecedented settlement agreement features a simple and quick claims process. The U.S. Postal Service mailed claim forms to class members during December.
The class includes millions of U.S. businesses that accepted Visa or Mastercard credit or debit card payments between January 1, 2004, and January 25, 2019 and did not previously opt out. Full details of the settlement agreement are available on the website, www.PaymentCardSettlement.com, where class members can also file a claim.
Claim amounts are based on estimated interchange fees paid to Visa or Mastercard and other factors during the 15-year period of the class-action lawsuit.
“This is a historic antitrust class-action settlement that provides some relief for U.S. merchants after years of allegedly paying inflated interchange fees to Visa and Mastercard,” said K. Craig Wildfang, of Robins Kaplan LLP, co-lead counsel in the litigation along with Robbins Geller Rudman & Dowd LLP and Berger Montague PC.
“The case has been making its way through the court system for nearly 20 years. Now we look forward to helping class members with the claims process and putting the benefits of the settlement agreement in their hands,” said Alexandra Bernay, partner at Robbins Geller Rudman & Dowd LLP.
On March 15, 2023, the U.S. Court of Appeals for the Second Circuit unanimously affirmed the district court’s order granting final approval to the $5.5 billion settlement on behalf of participating U.S. merchants in the class-action lawsuit “In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation.”
The case is based on merchants’ claims that they paid allegedly excessive fees for accepting Visa and Mastercard payments. The lawsuit alleged that Visa and Mastercard and their member banks violated antitrust laws.
Businesses have begun receiving claim forms by mail since December and can follow the form’s instructions to file a claim online or by mail.
For more information and updates on the payment card settlement, including a timeline, frequently asked questions, and related documents, click here.
Image: DiarioNY
