Visa/Mastercard Settlement: Final Opportunity for Merchants

Important Deadline Approaches on February 4, 2025

The Visa/Mastercard interchange fee lawsuit is a landmark legal case addressing improper fees charged to merchants that accepted Visa or Mastercard credit or debit cards between January 1, 2004, and January 25, 2019. Merchants alleged that Visa and Mastercard, along with their member banks, engaged in anti-competitive practices by setting interchange fees and imposing restrictive rules on merchants. These rules, including no-surcharge rules, no-discounting rules, and honor-all-cards rules, allegedly insulated Visa and Mastercard from competitive pressures to lower interchange fees. Apply before the February 4, 2025,  deadline here.

Despite Visa and Mastercard’s corporate restructuring into publicly owned corporations, merchants claimed these anti-competitive practices continued. This settlement was designed to resolve these issues and compensate affected merchants.

Final Deadline to File Claims is February 4, 2025

U.S. merchants who processed Visa and Mastercard payments during the specified period have until February 4, 2025, to file claims for their share of the $5.5 billion class-action settlement. This is the final opportunity for merchants to secure compensation. Previously unresolved claim conflicts, where multiple parties filed for the same business, have been a key focus for resolution, ensuring businesses receive their rightful share.

If you’re a merchant who accepted Visa or Mastercard credit or debit card payments between January 1, 2004, and January 25, 2019, you should act now to ensure your claim is submitted before the deadline.

Discover Financial Services Settlement

Discover Financial Services has reached a $1.2 billion settlement in a class-action lawsuit related to overcharging merchants. This settlement, reached on July 1, 2024, addresses claims that Discover and merchant acquirers engaged in anticompetitive practices similar to those in the Visa/Mastercard case.

If your business accepted Discover cards and you believe you may have been overcharged, you should review the settlement details to determine your eligibility for compensation. This settlement emphasizes the ongoing issue of unfair merchant fees and the importance of protecting your business's rights.

Frequently Asked Questions

What are interchange fees?
Interchange fees are transaction fees merchants pay to card-issuing banks whenever customers use credit or debit cards for purchases. These fees are set by card networks (Visa, Mastercard, Discover) and vary based on the type of card and the transaction amount.

Why were these lawsuits filed?
Merchants filed lawsuits against Visa, Mastercard, and Discover to address what they viewed as unlawful practices. The lawsuits claim these companies set unfair interchange fees and imposed rules restricting merchants from steering customers toward less costly payment methods. These practices were alleged to violate antitrust laws, driving up costs for businesses and consumers.

Who is eligible for compensation?
Merchants who accepted Visa or Mastercard credit or debit cards between January 1, 2004, and January 25, 2019, may be eligible for compensation from the Visa/Mastercard settlement. Similarly, merchants impacted by Discover’s practices should review the terms of the July 2024 settlement to determine eligibility.

Thousands of Claims Resolved, Just Days Remain

As of January 2025, tens of thousands of claim conflicts have been addressed, but many merchants still have not filed. If you believe your business qualifies for compensation, it’s critical to act now before the February 4, 2025, deadline for Visa/Mastercard claims and to review the Discover settlement terms promptly.

Contact Us for Assistance

Navigating the claims process can be complex, but our team is here to help. If you have questions about your eligibility or need assistance filing a claim, reach out to us for personalized guidance. Don’t miss this opportunity to recover compensation. Contact us at (202) 455-6010 or schedule a consultation to ensure your claim is filed on time!