Earlier this year, Visa & MasterCard agreed to settle the class action lawsuit filed by US citizens. As per the lawsuit, it was alleged that Visa and MasterCard charged US merchants excessive fees to accept the payments between the years 2004 and 2019. They agreed to make a settlement of $5.5 billion dollars which is one of the largest settlements in US history.
The people who took the card payments during that time frame are eligible for the funds of the settlement. The deadline that was designated to filing a claim was February 5, 2025. People who filed their claim before the deadline will receive the settlement benefits on time without any delay.
Visa MasterCard Class Action Settlement Eligibility Requirements
As per the Visa/MasterCard Lawsuit, it was alleged that the bank defendants violated the law by charging the interchange fees. They imposed laws that led the customers of merchants to off to other payment modes, disclosing beforehand that the cards wouldn’t be charged with the so-called honor-all-card rules, no discounting rules, no surcharging rules, and more.
The MasterCard and its respective banks continued practicing the same rules even when the case related to it was filed. This endeavor of the defendants was considered excessive.
The defendants in the lawsuit say that they have done nothing wrong and that their practices are justified and legal; however, things didn’t turn about to be that way.
Visa MasterCard Class Action Settlement Eligibility – Overview
| Article On | Visa MasterCard Class Action Settlement |
| Country | U.S.A |
| Department | VisaMasterCard Department |
| Settlement Payment | $5.54 billion |
| Beneficiary | Visa/MasterCard Merchants |
| Payment Date | Expected to arrive in 2025 |
| Category | Class Action |
| Official Website | paymentcardsettlement.com |
Amount Offered by the Visa MasterCard Class Action Settlement
As per the settlement, the MasterCard, Visa, and the Bank defendants have agreed to provide a $5.54 billion settlement to the merchants that were affected because of the lawsuit and haven’t excluded themselves from the settlement class. Each merchant, as per rule 23(b)(3), the settlement class that did not exclude themselves but did file the claim before the deadline eligible to receive the payments from the settlement fund.
The money used from the fund would also be utilized to pay the operative and the cost of settlement administration, and any other costs related to tax expenses, as per the approval of the court. Plaintiffs would also be compensated with a stipend from the settlement fund because of the service that they had to offer, approved by the court. Additionally, it would also include the fees of the attorney as per the court.
Visa MasterCard Class Action Settlement 2025 Eligibility Criteria
To enjoy the benefits of the Visa MasterCard Class Action Settlement, you need to meet an eligibility criterion that authenticates you as a settlement class member. These include:
- You will be deemed eligible if you are a merchant and your business must have accepted MasterCard, Visa, credit, or debit card payments in the United States between the time frame of January 1, 2004, to January 25, 2019.
- You are business must have been in the United States.
- Your business accepts Visa or MasterCard credit or debit cards during the specified period.
- Eligible businesses need not be for specific industries that include a wide range of businesses, such as hospitality, retail, health care, and more.
- Businesses that have gone bankrupt during that time frame can still file a claim if they accepted cards during that time.
How to Claim Your Share from the MasterCard/Visa Class Action Lawsuit?
The qualified merchants who have filed their claim before the deadline would be deemed eligible to receive this payment. If you are someone who is a qualifier who has not filed a claim won’t be guaranteed to receive the monetary benefit. The amount that will be paid to the qualifier will depend on the estimated or actual interchange fees that are attributable to your MasterCard/Visa transactions (between the customer and their merchant) from January 1, 2004, to January 2019.
The money that will be received by the claimants would highly depend on the availability of money to pay all the claims, along with the total value of the claims as per the file claims. The dates on which the monetary distribution of the settlements will be released have not been updated on the internet yet, but will soon be updated on its official website.
Documents Needed to Validate your Claim: Visa MasterCard Settlement
The class member needs to have proof to validate their claims, such as the document that validates the interchange fees that the customer was asked to pay, and the category code of the merchant. It also includes a description of the business that the class member was affected by at that time, and also the transaction volume or total sales volume of the MasterCard and the Visa. The payment amount would depend on all these factors.
The merchants who did file their claims before the deadline but who didn’t have any available financial data to prove their claim would be asked to provide the known estimated Visa/MasterCard dollar amount of the interchange cost. You might be later than asked to provide the lacking documents to support and validate your claim.
What Would Happen After Filing the Claim for Visa MasterCard Class Action Settlement?
After you have filed your claim, the class administrator will spend time reviewing your application for non-delayed payment. Till the time the date of reimbursement is disclosed. Make sure to check your email regularly for any notifications from the class administrator. You can log in to the merchant portal of the official website to check your ‘Check Claim Status’, then enter your username and password. You can also check the authorization and claim status on the Account summary page.
Final Thoughts
The deadline for when the settlement will arrive in your bank accounts has not been disclosed, but it is expected to be released soon. To know about the date and stay updated with any recent notification, keep a close watch on the news and website to not miss anything and avoid any delays later.
| Official Website | Click Here |
| Homepage | BSEBSTET.Com |
