Time is Running Out: Eligible Businesses Must Submit Claims by May 31st, 2024 for Antitrust Settlement with Visa and Mastercard

Businesses that may be entitled to a payout in the $5.5 billion antitrust settlement with Visa and Mastercard have until May 31, 2024 to file a claim. This settlement resulted from a 2005 lawsuit that alleged merchants paid excessive fees to accept Visa and Mastercard credit cards, and that Visa and Mastercard along with their member banks violated antitrust laws. Any business that accepted Visa and/or Mastercard credit or debit cards in the U.S. between January 1, 2004, and January 25, 2019, may be eligible for part of the settlement. Even if an eligible owner’s business has closed or gone bankrupt, they can still submit a claim.

Mitch Goldstone, CEO and owner of ScanMyPhotos.com and lead plaintiff in the lawsuit, has been working hard to inform small businesses about the settlement so they can file a claim by the deadline. Despite his efforts to make the claim process user-friendly, many eligible businesses have yet to submit their claims. It is important for businesses to act quickly as the deadline is fast approaching on May 31st, 2024. Claims can be filed online at PaymentCardSettlement.com or by mail if a paper claim form was received.

Eligible businesses should file their claims by May 31st as it will determine how much money they will receive from the settlement amount for each business will be calculated after all claims are filed and validated. The process only takes a minute so it’s highly recommended that all eligible businesses act quickly to ensure they receive their share of the $5 billion payout before it’s too late