Payment Card Settlement

Millions of U.S. Businesses Eligible for a Share of $5.54B Payment Card Settlement

Class members nationwide who accepted Visa and/or Mastercard payment cards during the 15-year class period are encouraged to file claims starting today with easy-to-follow process

BROOKLYN, NEW YORK — Dec. 1, 2023 — Today, the claim submission process begins for the largest private antitrust class-action settlement in U.S. history, and millions of business owners nationwide are expected to submit claims to get their portion of the court-approved $5.54 billion settlement.

The settlement is unprecedented, and the claims process is straightforward and streamlined. Claim forms are being mailed to class members throughout December by the U.S. Postal Service.

The class includes millions of U.S. businesses that accepted Visa and/or Mastercard credit or debit cards between Jan. 1, 2004 and Jan. 25, 2019 and who did not previously opt out. Full details are available on the settlement website, www.PaymentCardSettlement.com, where class members may also file a claim for their share of the settlement based on their estimated Visa and/or Mastercard interchange fees and other factors during the class period.

"This is an historic antitrust class-action settlement that provides some relief for U.S. merchants after years of paying allegedly inflated Visa and Mastercard interchange fees," said K. Craig Wildfang, of Robins Kaplan LLP, co-counsel on the litigation alongside Robbins Geller Rudman & Dowd LLP and Berger Montague PC.

"The case has been winding its way through the court system for nearly 20 years. Now we look forward to helping class members with the claims process and getting the benefits of the settlement into their hands," said Alexandra Bernay, partner at Robbins Geller Rudman & Dowd LLP.

On March 15, 2023, the Court of Appeals for the Second Circuit unanimously upheld the district court's order giving final approval to the $5.54 billion settlement on behalf of U.S. merchants in the "In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation" class action lawsuit. The case relates to claims that merchants allegedly paid excessive fees to accept Visa and Mastercard cards. The suit alleged that Visa and Mastercard and their member banks acted in violation of the antitrust laws.

Businesses should look for claim forms in the mail beginning in December and can follow the instructions on the form to file a claim online or by mail. For further information and updates on the Payment Card Settlement, including a timeline, Frequently Asked Questions (FAQs), and related documents, please visit www.PaymentCardSettlement.com.

Media Contact
(W)right On Communications, Larry Smalheiser
WOCMedia@wrightoncomm.com

• This is a video overview of the Payment Card Settlement claim submission process.

  Download the Payment Card Settlement Explainer Video file

• This is the video content of the official video news release accompanying the press release made public December 1, 2023 at 8 a.m. EST

  Download the Payment Card Settlement video news release video file

• Interview clips from attorney Alexandra Bernay, partner with Robbins Geller, and co-lead counsel in the In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation and $5.5 billion settlement. This case was brought on behalf of millions of U.S. merchants against Visa and MasterCard and various card-issuing banks, challenging the way these companies set and collect tens of billions of dollars annually in merchant fees. The settlement is believed to be the largest antitrust class action settlement of all time.

  Download the Alexandra Bernay video file

  • 00:05 - Case history
  • 00:15 - Process for submitting a claim
  • 00:45 - How businesses can claim their share
  • 01:12 - Timing of claims process and payment processing
  • 01:38 - What do class members do if their data is different from the claim form's
  • 02:18 - What this case and settlement means to Xan Bernay
  • 02:35 - What class members need to know about this settlement
  • 03:28 - What should businesses do that have since closed

• K. Craig Wildfang HeadshotBio
• Ryan Marth HeadshotBio
• Michael J. Kane HeadshotBio
• Alexandra S. Bernay HeadshotBio

The Payment Card Settlement is an historic antitrust class-action settlement that provides some relief for millions of U.S. merchants after years of paying allegedly inflated Visa and Mastercard interchange fees.

Businesses that accepted Visa and/or Mastercard between January 1, 2004 and January 25, 2019 may be eligible to claim their share of this historic, court-approved $5.54 billion settlement.

This settlement is big. It's real. And it's simple for businesses to claim their share.

• Over 18.6 million businesses are being mailed claim forms beginning in December. It may take several weeks for claim forms to be mailed.
• Once businesses receive their claim form, submitting a claim can take as little as five minutes online or by mail.
• The easiest and quickest method is to scan the unique QR code on the claim form. It will open a personalized, secure page in the claims portal that is prefilled with the merchant's unique credentials. Where data is available, it will also prefill their interchange fees paid during the 15-year class period.
• No-cost assistance is available from the settlement administrator and Class Counsel to all class members.

The claims period ends May 31, 2024.

Claim amounts will be calculated and processed following the close of the claims period.

Claim amounts for each class member will be calculated based upon a percentage of the interchange fees they paid during the Class Period as well as a variety of other factors, including the total number of valid claims received.

The settlement's $5.54 billion returns real money to America's retail merchants, restaurants and other businesses like florists, dry cleaners, gift shops and more.

Interchange fees are a retailer's largest expense after labor and rent.

Many micro businesses, family businesses, minority-owned businesses and even bankrupt or shuttered businesses can get relief for their overpayments at any time during the 15-year class period by filing a claim for their share of this historic settlement.

For additional questions about the settlement, media are encouraged to reach out to WOCmedia@wrightoncomm.com or visit the FAQ published on the settlement website: www.PaymentCardSettlement.com/en/Home/FAQ