$5.54 billion Visa Mastercard Interchange Fee Settlement
What was Alleged?
The lawsuit claims that merchants paid excessive interchange fees for accepting Visa and MasterCard because of an alleged violation of antitrust laws.
The Class
Who Qualifies
If your business accepted Visa or Mastercard payments between January 1, 2004 to January 25, 2019, you might be entitled to receive a significant amount of capital from this pending Settlement. Despite the fact that claim forms are not yet available and the filing date for claim submission has not been set, you can engage Mitena Partners to execute a precise and timely claim on your behalf.
The Settlement
Overview
- Settlement Fund: $5.54 Billion
- Net Settlement Fund: $4.9 Billion (after attorney and admin fees)
- The Class: Any company that accepted Visa and MasterCard branded cards between 2004-early 2019 is included in the class.
- Claim Filing Deadline: TBD
- Class Period: January 1, 2004 – January 25, 2019
Monetary Damages
The Net Settlement Fund of approximately $4.9billion) will be allocated to the Class Members and will be distributed to Authorized Claimants:
Any company that accepted Visa and/or Mastercard as a form of payment between January 1, 2004 – January 25, 2019
FAQ
To review the $5.54B Visa Mastercard settlement, check out the website and note you can independently file a claim for your business when claim forms become available
What is an Interchange Fee?
When a cardholder purchases something with a credit or debit card, an interchange fee is attributed to those transactions, which is usually around 1-2% of the total purchase price. Interchange fees typically account for the greatest part of the fees paid by merchants for accepting Visa and Mastercard cards.
Visa and Mastercard set interchange fee rates for different kinds of transactions and publish them on their websites, usually twice a year.
