Deadline Extended: Mastercard & Visa Interchange Fee Settlement

On December 13, 2019 the U.S District Court approved a $5.54 billion settlement to the plaintiffs in a class action lawsuit against Mastercard & Visa. The lawsuit, which was filed over ten years ago, alleged that merchants that accepted Mastercard and Visa have paid excessive transaction fees from January 1, 2004 to January 25, 2019 due to the defendants violation of anti-trust laws. Interchange fees are typically 1-2% of the total transaction amount, and given the length of time that businesses have potentially been paying excess fees the settlement award could be significant.

The deadline to submit a claim was originally May 31, 2024, however, the Court granted an extension of the claims-filing deadline. In an Order dated May 14, 2024, the Court granted an extension of the claims-filing deadline to August 30, 2024. Many businesses have received a claim form sent in the mail to expected claimants. If you received one, simply follow the instructions on the form to submit the claim. If you have not received a claim form, you may still submit a claim through the official website https://www.paymentcardsettlement.com/en.