Businesses must act fast to claim their portion of large credit card company settlement | KWKT

Millions of businesses in the United States have a chance to claim a portion of a $5.5 billion antitrust settlement with Visa and Mastercard. The settlement, resulting from a 2005 lawsuit, alleges that merchants paid excessive fees to accept Visa and Mastercard credit cards, and that the companies and their member banks violated antitrust laws.

Businesses that accepted Visa and/or Mastercard credit or debit cards between January 1, 2004, and January 25, 2019, are eligible to receive part of the settlement. Even businesses that have since closed or gone bankrupt can still submit a claim. The deadline to file a claim is Friday, May 31, 2024.

Mitch Goldstone, CEO of Scan My Photos and lead plaintiff in the lawsuit, expressed frustration that many eligible merchants have not yet filed their claims. He emphasized the simplicity of the process, stating that it only takes a minute to file a claim.

To submit a claim, businesses can visit the claims portal PaymentCardSettlement.com or mail in a paper claim form if received. Only businesses that file a claim by the deadline will receive a payout, with the amount calculated after all claims are validated.

With the deadline fast approaching, eligible businesses are encouraged to take advantage of this opportunity to potentially receive compensation for the excessive fees they paid to accept Visa and Mastercard cards.