The Visa and Mastercard Fees Class Action Lawsuit has recently agreed to a final settlement worth $5.54 Billion. The lawsuit claimed that while these cards charge swipe fees from the merchants when they accept credit card or debit card payments, many business owners found themselves paying higher swipe fees for almost everything. As a consequence of the class action lawsuit, all persons and businesses that accepted Visa and Mastercard credit cards between January 1, 2004, and January 25, 2019, can get their portion of the $5.54 Billion settlement. The latest updates regarding the $5.54 Billion Visa and Mastercard Fees Class Action Settlement including its claim submission process and eligibility are discussed here.
$5.54 Billion Visa and Mastercard Fees Class Action Settlement
Aftermath of the $5.54 Billion Visa and Masterclass Fees Class Action Settlement, class action forms were mailed to approximately 18.6 million merchants or business owners across the United States. The Visa and Mastercard had denied any wrongdoings but later agreed to a settlement against the class action lawsuit. The claim forms were received by the merchants who processed the Visa-branded cards and the Mastercard-branded cards during 15 years spanning from January 1, 2004, to January 25, 2019. The $5.54 Billion settlement aims to cover all the merchants in the U.S. that used Visa and Mastercard except for those who may have opted out of a prior settlement; hence considered as dismissed plaintiffs in the lawsuit.
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The deadline to submit a claim has been extended from the previous date which was May 31, 2024. To be eligible for the settlement amount, merchants have until August 30 to file their claim to receive a portion of the $5.54 class action settlement. Alexandra “Xan” Bernay, one of the co-lead counsels for the class of merchants stated, “Given that deadline, plaintiffs’ lawyers and the settlement administrator are making a final push to get as many eligible businesses to submit claims as possible.” The lawyers for the merchants include education for their clients concerning the class action settlement and helping those who previously may have been unlikely to file the claim.
Visa and Mastercard Fees Class Action Settlement Overview
| Article title | $5.54 Billion Visa and Mastercard Fees Class Action Settlement |
| Country | United States of America |
| Category | Class Action Lawsuit |
| Settlement amount | $5.54 Billion |
| Deadline to submit claim | August 30, 2024 |
| Applicable for | Visa and Mastercard users from January 1, 2004 to January 25, 2019 |
| Allegations | Violations of the Antitrust Laws |
| Official website | Paymentcardsettlemetn.com |
Eligibility for Visa and Mastercard Fees Class Action Settlement
The merchants or the business owners must meet the following requirements to be eligible for the $5.54 Billion Visa and Mastercard Fees Class Action Settlement:
- Processed Transaction Period: Merchants who made credit or debit card transactions between January 1, 2019, and January 25, 2019.
- Location: The merchants who have accepted the cards within the United States.
- Card Brands: Transactions must be made by Visa-brand cards or Mastercard-brand cards.
- Exclusions: The United States Government, Financial Institutions that have issued or acquired Visa and Mastercard at any time between the concerned 15-year time period, and the dismissed plaintiffs in the lawsuit are excluded from the settlement. The dismissed plaintiffs are those who previously settled their lawsuit against a defendant.
$5.54 Billion Visa and Masterclass Fees Class Action Settlement Latest Updates
- The two credit card network giants, Visa and Mastercard which account for more than 80% of the United States’ credit card network granted final approval to the settlement by court on December 16, 2019. Consequently, along with providing compensation as per the settlement worth $5.54 Billion, Visa and Mastercard are reducing “Swipe Fees” for the merchants for the next five years. It is estimated that the retailers are now able to save $30 Billion as a result of the class-action lawsuit settlement.
- The claimants must file their claim before the deadline passes which is extended from May 31, 2024, to August 30, 2024, or the other case may exclude them from eligibility. The settlement amount is set to be distributed on a larger scale and may take significant time for the payments to arrive. For more information related to the $5.54 Billion Visa and Masterclass Fees Class Action Settlement, you can also visit the official website of the payment and card settlement.
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David has spent Several years reporting on the oil and gas industry, uncovering the latest trends and technological breakthroughs. His expertise in energy markets and passion for sustainable practices make his articles both insightful and forward-thinking. Davis’s in -depth analyses are a staple for professionals seeking to stay ahead in this dynamic field.