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, 2024.

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.

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).

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.

Submitting a claim is the sole method to receive compensation from the payment card settlement.

The Class Actions is a Missouri-based law firm that simplifies the complicated claim filing process for business owners who have yet to submit their claims through the Payment Card Settlement Administrator’s website. It’s important to note that The Class Actions is not the class counsel in the Litigation, nor is it affiliated with it.

Don’t Have a Claimant ID? No Problem.

While Claim Forms with a Claimant ID and Control Number started being distributed to merchants in December 2023, possessing a Claimant ID or Control Number is unnecessary for participating in the Payment Card Interchange Fee Settlement.

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.

Addressing Claim Denials

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.

Act Now to Secure Representation by The Class Actions!

Don’t miss your opportunity to claim your share of the Payment Card Interchange Fee Settlement. Complete the form on this page today.

Indeed! The Class Actions has been covering the payment card settlement and related class action lawsuits since their inception.

The class action lawsuit was initiated in 2005 and reached a settlement in March 2023, following a long series of legal battles and challenges. The settlement amount is believed to compensate the merchants who remained in the case adequately.

Approximately 18 million businesses are included in this settlement.

The case is titled “In re: Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL No. 1720 (MKB) (JO),” and is filed in the U.S. District Court for the Eastern District of New York.

55The payment card settlement was a long time coming. Here are snapshots of the history:

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.

February 4, 2025: Claim filing deadline.