Visa and MasterCard $6.2 Billion Settlement: Everything You Need To Know
Visa and MasterCard, as well as some other prominent U.S. banks, have agreed to pay a $6.2 billion settlement over swipe fees in a class action settlement with retailers.
How Did This Happen?
Foremost, this class action lawsuit, brought on by some of the nation’s leading retailers, is more than 15 years old and was originally settled in 2012. The plaintiffs decided the original settlement amount was not enough and appealed the case seeking an additional $900 million in settlement funds.
What Is the Lawsuit About?
Some of the nation’s leading retailers opened a class action lawsuit against Visa and MasterCard stating that the credit card giants violated antitrust laws by fixing credit card processing “interchange” fees to benefit banks. This is the largest antitrust settlement in history. The suit, brought on by a total of 12 million retailers, claims that Visa and MasterCard overcharged on swipe fees that merchants pay when a customer buys something on credit.
Who Is Affected By The Suit?
If you are a merchant or retailer and accepted Visa or MasterCard at your business between 2004-2019, you might be entitled to a refund. Retailers are claiming that this Visa and MasterCard Settlement affected their rights under antitrust statutes by requiring them to pay high fees and not allowing them to direct customers to alternative payment options. Some mega-retailers, including Walmart (WMT), Target (TGT), and Kroger (KR), decided to opt-out of the class action suit and to pursue claims on their own directly with the card networks.
How Can I Get Paid?
If you are a retailer who accepted Visa or MasterCard between 2004-2019, you must submit a valid claim in order to be considered. We are helping our clients properly complete the paperwork to submit claims. Need help filing? Contact us today!
So, What’s Next?
If you believe that you or your business qualifies for a payment from the settlement, contact us today. We will complete the following steps on your behalf and make things simple for you…
- Gather the necessary documentation for your claim
- Prepare your claim
- Make sure your valid claim is submitted before the deadline
- Track the progress of your claim to ensure you are paid
Interested in learning more? Contact us today!