Deadline for businesses to apply for billing share from large-scale credit card companies looms

Millions of businesses may be entitled to compensation in $5.5 billion antitrust settlement with Visa and Mastercard, deadline looms

NEW YORK — A deadline is looming for millions of businesses that may be entitled to compensation in a $5.5 billion antitrust settlement with Visa and Mastercard.

The settlement stems from a 2005 lawsuit alleging that merchants paid excessive fees to accept Visa and Mastercard credit cards and that Visa and Mastercard and their member banks violated antitrust laws.

Any business that accepted Visa and/or Mastercard credit or debit cards in the United States between January 1, 2004, and January 25, 2019 may be eligible to receive a portion of the settlement. Qualifying owners whose businesses have closed or gone bankrupt can also submit a claim.

Mitch Goldstone, CEO and owner of film scanning company and a lead plaintiff in the lawsuit, said it will be difficult to get the news to small businesses so they can make claims in the settlement.

“Despite my efforts, such as helping design a user-friendly claim form with a simple QR code, most eligible merchants have yet to file a claim,” he wrote in an email. “Considering It only takes a minute to submit the application, which is really frustrating.”

The deadline to make a claim is Friday 31 May 2024.

Only businesses that submit claims by the deadline will receive funds from the settlement. The amount of compensation for each business will be calculated after all claims are submitted and verified.

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