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
- To request CLH file your claim:
- 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