John Doe, CPA

Staff Accountant

John Doe, CPA

Staff Accountant

John Doe, CPA

Staff Accountant

John Doe, CPA

Staff Accountant
 

OVERVIEW  |  VISA / MASTERCARD CLASS ACTION LAWSUIT SETTLEMENT

  • Visa & Mastercard settled a class action lawsuit claiming business owners were charged excessive processing fees.
  • The lawsuit claimed that the credit card companies, with their respective member banks, violated antitrust laws.
  • Settlement claimants will share in the distribution of a settlement fund of $5.54 billion, pro rata on all claims filed.
  • Specific settlement amounts will not be known until all claims are processed.  This could take several months.

 

ELIGIBLE CLAIMANTS

  • Business owners who paid processing fees to accept Visa or Mastercard as forms of payment
  • Applicable dates: processing fees paid between January 1, 2004 through January 25, 2019
  • Typically, eligible claimants will have received a mailed letter including an official Claimant ID and Control Number
  • If you did not receive a letter, you may still be eligible and can apply for a claim
  • Excluded: credit card users who strictly used Visa or Mastercard as forms of payment

 

CLAIMS DUE SOON

  • Claims to the settlement fund are due by May 31, 2024  August 30, 2024 (extended as of May 14, 2024)
  • Claims submitted after this date will not be eligible
  • Claims can be self-filed at the official court-appointed website or through a third party, e.g. CPA firms, attorneys, etc.

 

CLH CAN FILE THE CLAIM ON YOUR BEHALF

  • After confirming with our team you want CLH to file the claim:
    • Sign an engagement letter confirming intent to have CLH provide this service
    • Sign authorization form confirming certain information
    • Provide documentation to substantiate claim; CLH will advise on specifics