Over the years, business owners have been paying significant fees to process VISA and Mastercard credit card payments. As a result, a group of business owners filed a lawsuit against VISA and Mastercard indicating that they violated the antitrust laws. The court found in favor of the business owners in a $5.54 billion settlement.

Due to the settlement being made, any business owners that accepted VISA or Mastercard credit card payments during the period January 1, 2004 to January 25, 2019 are eligible for a piece of the settlement proceeds. To receive a part of this settlement, a claim needs to be filed by August 30, 2024.

If a business owner files a claim to receive a part of the settlement, there is no way to know how much will be received. The court will determine how much each applicant will receive based on the actual or estimated VISA and Mastercard fees charged during the period January 1, 2004 to January 25, 2019 and the total amount of funds available in the settlement.

There is no predetermined timeframe of when a business owner could receive the settlement payment after they make the claim. It could take quite a while after the claim filing deadline for the court to determine the payment amount for each applicant and then issue the checks to each applicant.

Business owners can find more information about the settlement and file a claim HERE.

If you need any assistance with filing this VISA and Mastercard settlement claim, please don’t hesitate to contact your Boyum advisor.