Visa and Mastercard $5.5 Billion Settlement: A Landmark Resolution in Antitrust Case

Visa and Mastercard Settlement: A Landmark Resolution in Antitrust Case The Visa and Mastercard settlement marks a significant milestone in a long-standing antitrust case involving the two credit card giants. U.S. merchants who processed payments through Visa and Mastercard between January 1, 2004, and January 25, 2019, are eligible to claim a share of the $5.5 billion settlement. This case centers around allegations that Visa and Mastercard overcharged merchants by imposing excessive interchange fees. Although the companies did not admit to any wrongdoing, the settlement provides monetary relief to affected businesses, highlighting the importance of fair practices in the payment processing industry. The extension of the claims filing deadline and the resolution of conflicting claims are essential to ensuring that all eligible merchants receive their due compensation. The Visa and Mastercard settlement marks a significant milestone in a long-standing antitrust case involving the two credit card giants. U.S. merchants who processed payments through Visa and Mastercard between January 1, 2004, and January 25, 2019, are eligible to claim a share of the $5.5 billion settlement. This case centers around allegations that Visa and Mastercard overcharged merchants by imposing excessive interchange fees, also known as swipe fees. Although the companies did not admit to any wrongdoing, the settlement provides monetary relief to affected businesses, highlighting the importance of fair practices in the payment processing industry.

In mid-May, a federal judge in the Eastern District of New York granted a 90-day extension for merchants to file claims in the Visa and Mastercard settlement, moving the deadline from May 31 to August 30.

This extension was requested by the counsel representing the class of merchants, citing the need to resolve tens of thousands of conflicting claims.

As of May 10, over 30,000 claim conflicts were pending, involving third-party filers, class members, and claim buyers.

Class counsel emphasized the importance of this extension, noting that it offers a crucial opportunity for merchants to benefit from the settlement.

The extension reflects the complexities involved in large-scale class-action settlements and the necessity of ensuring that all eligible parties have the chance to participate and receive compensation. On August 8, 2024, the Court granted a requested 180-day extension of the claims-filing deadline and extended the deadline to Tuesday, February 4, 2025.