Visa/MasterCard Class Action Settlement
How does this affect you?
If you accepted Visa or MasterCard at any point between January 1, 2004, and January 25, 2019, you are part of a class action lawsuit that resulted in a settlement of more than $5 billion.
The official name of the class action lawsuit is Payment Card Interchange Fee and Merchant Discount Antitrust Litigation (MDL No. 1720).
*The claim filing deadline is August 30th, 2024.
Act Now! Submission Deadline Ends August 24th, 2024
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What is this case all about?
- The court case was between a group of merchants (on one side) and Visa, MasterCard, and issuing banks (on the other side) about unfair practices related to interchange fees.
- Interchange is the fee collected by banks every time a merchant accepts payment from a customer using a credit card. We don’t have to tell you how high the fees have gotten.
- The lack of competition meant steadily rising fees and no alternatives. Finally, merchants fought back and sued.
- Both parties originally agreed to settle for more than $5 billion dollars
Current Status
We are pleased to inform you that, as of December 1, 2023, the official claim form for the VISA/MasterCard Class Action Settlement is now available. With the formal approval of the VISA/MasterCard Class Action Settlement in September 2023, the process of claiming your share of the settlement is materially progressing. The current enrollment period is from December 1st, 2023, to August 30th, 2024
What are your options?
The claim filing deadline is August 30th, 2024.
Option 1: No Action
Do nothing and do not receive your share of the settlement.
Note: If you want to participate, you must take action in this class action to receive compensation
Option 2: Participate Solo
File your own claim by working with the official settlement administrator. For more information, and contact details for no-cost assistance, you can visit www.paymentcardsettlement.com. Claim forms started mailing on December 1, 2023 and are also available on line.
Option 3: Maximum Payout
Retain CoCard and BRG to work on your behalf and help you recover your fair share of the settlement. Our area of expertise is in interchange fees and class action settlements. We will focus on your claim while you focus on your business. Click the button below to learn more.
FAQ
The settlement is for $5.4 billion, and it is estimated that there may be as many as 30 million businesses in the US that are eligible. However, participation/enrollment in the suit has been extremely low due to a number of factors. This means those participating can be entitled to even larger payouts.
Questions? Call Us: (516) 588-0844
Many merchants are not aware of the settlement. They may have received the info in the mail or in there merchant processing statements in December of 2023 or January of 2024, but is is possible that they did not realize that the mailing was there/legitimate.
Many Merchants and their existing processors don’t believe this is legit. That it is fake and or a scam. We’re here to tell you that it is not! This settlement has been agreed to by both Visa and Mastercard as well as the class participants.
Many merchants signed up and participated approximately 15 years ago when this Class Action was first approved. Unfortunately, for various reasons—details of which we can discuss further—the process fell apart in the final stages, resulting in no payouts being distributed. This history has understandably led to reluctance among people to participate in similar initiatives this time around.
Payments will be issued to the listed business owner directly, not the business.
We are here to help!
If you are interested, simply provide your contact information - we will confirm your enrollment, keep you up to date on the settlement progress, and file your claim(s).