Visa Mastercard Settlement
Interchange Fee Class Action
Businesses that accepted Visa or Mastercard between January 1, 2004, and January 25, 2019, may be eligible to receive a portion of a $5.6 billion settlement from the “Payment Card Interchange Fee Settlement.” The claim submission deadline is February 4, 2025.
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This settlement addresses an antitrust lawsuit that accused Visa and Mastercard of colluding to set high “swipe fees,” typically 1% to 2% of the transaction amount. These fees were purportedly for processing costs, but the arrangement also included rules that prevented merchants from encouraging customers to use alternative payment methods.
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The case is In re: Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL No. 1720 (MKB) (JO), in the U.S. District Court for the Eastern District of New York (this will be referred to as the Litigation).
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During the claims-filing period, the settlement administrator and class counsel are readily available to provide free assistance. Class members can access and submit claim forms on the settlement website: https://www.paymentcardsettlement.com/en.
Important Dates
Oct. 20, 2005
Class action filed against Mastercard, Visa and others on behalf of thousands of merchants who accepted the credit or debit cards. Merchants contended that the credit card companies conspired to set high swipe fees.
Dec. 13, 2013
Court approves settlement valued at $7.2 billion. Mastercard and Visa agree to create two cash funds: one to pay damages, and one to provide an eight-month reduction in interchange fees.
June 30, 2016
Federal Appeals Court throws the settlement out, ruling it isn’t adequate for some of the merchants.
Sept. 18, 2018
Parties agree to a new settlement and reduce the final amount of the suit. Because more than 8,000 retailers opted out of the settlement to pursue compensation from the credit card companies on their own, the amount of the class action suit is lowered to reflect fewer claimants.
March 15, 2023
The US Court of Appeals for the Second Circuit turns down a challenge by gas station owners that argued that the proposed settlement did not resolve the question of whether big oil companies or their gas stations would receive the payout. More than 60% of gas stations are owned by individuals or families. The $5.6 billion settlement is upheld.
Dec. 1, 2023
Claim form mailings began.
Feburary 4, 2025
Claim filing deadline.
Common Questions
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Do You Qualify?
If you accepted Mastercard or Visa debit or credit cards at any point between January 1, 2004, and January 25, 2019, you might be eligible to recover funds charged by these companies and their affiliated banks.
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How to Claim the Visa Mastercard Settlement?
Submitting a claim is the sole method to receive compensation from the payment card settlement.
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The Class Actions often encounter frustrations regarding denied claims. By submitting your information here, you secure an advocate who will support you in case of a claim denial.
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Class members can also submit claim forms on the settlement website: https://www.paymentcardsettlement.com/en.
3
Is the Payment Card Settlement Legitimate?
The class action lawsuit was initiated in 2005 and reached a settlement in March 2023, following a long series of legal battles and challenges.
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Approximately 18 million businesses are included in this settlement.
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