In the largest class-action settlement in U.S. history, MasterCard and Visa have agreed to refund between $5.54 and $6.24 billion to businesses that accepted their cards between January 1, 2004 and January 25, 2019.
The lawsuit claims that Visa, MasterCard and their member banks violated antitrust laws by imposing and enforcing rules limiting competition or incentives that might have reduced interchange fees. As a result, businesses accepting these credit and debit cards for payment were forced to pay excessive fees.
Refunds are not automatic. To be eligible you must submit a claim for the full amount you collected during that period, and for which you have credit or debit card receipts. If you are not sure whether you are part of this settlement, you can contact the Class Administrator at 1-800-625-6440. For complete details about the settlement and submit a claim, visit the official court-authorized settlement website at paymentcardsettlement.com.
If you have any questions on the information in this article, please call your CironeFriedberg professional. You can reach us by phone at (203) 798-2721 (Bethel), (203) 366-5876 (Shelton), or (203) 359-1100 (Stamford/Darien), or email us at info@cironefriedberg.com.
