What: If you owned a business that accepted credit cards from 2004-2019, you are eligible to receive compensation for the overbilling done by Visa and Mastercard.

The $5.5 billion class action settlement against Visa and Mastercard addresses claims that these companies charged merchants excessive fees for accepting their credit and debit cards between 2004 and 2019. Merchants argued that Visa and Mastercard conspired to fix interchange fees, which are typically 1-2% of each transaction, and restricted merchants from steering customers towards cheaper payment methods, thus violating antitrust laws.

This lawsuit, known as the Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, has been in progress for nearly two decades. The settlement is one of the largest antitrust class action settlements in U.S. history. The settlement covers over 12 million businesses that accepted Visa or Mastercard payments during the specified period.

When: Filing Deadline extended from May 31, 2024, to August 30, 2024.

How: For more detailed information and to submit a claim, visit the official settlement website: https://www.paymentcardsettlement.com/en.

For more information, you can contact the new CATA Allied Member Cost Advisor, Bill Brudenell, at 847-505-9210 or bill@costadvisor.us.