If your business accepted Visa and/or Mastercard between 2004 and 2019, you are eligible to claim your share of a $5.54 billion class action settlement.
About the Payment Card Settlement
In 2005, several merchants and trade associations filed a class action lawsuit against Visa, MasterCard, and various financial institutions that issue payment cards. The suit alleged that these major industry players engaged in price fixing and other anti-competitive trade practices, including the charging of excessive interchange rate fees.
A settlement in this class action lawsuit was reached in March of 2023. As part of this settlement, the companies agreed to lower their processing fees at all US merchants by at least four basis points for the next three years. The companies also agreed to pay $5.54 billion in relief to impacted companies. You may be eligible for portion of this settlement.
Who is Eligible to a Share of the Settlement?
All merchants who accepted Visa and/or MasterCard credit cards between 2004 and 2019 are entitled to their share of this $5.54 billion settlement.
When Must a Claim Be Filed?
All claims must be filed by the February 4, 2025 deadline.
How Can You File a Claim?
Claims in the Payment Card Settlement are being handled by the VMC Group, a leading provider of class action claims filing services. You can get started by going to this website address: www.vmcclaim.com/?ref=HigherStandards. VMC will then follow up with you to discuss your claim(s).
Is There Any Cost to File a Claim?
There is no upfront cost to file a claim. The VMC Group is paid a percentage of the recovery if you receive funds. (They don’t get paid unless you do.)
What Should You Do Next?
The first step in this process is to contact the VMC Group at www.vmcclaim.com/?ref=HigherStandards. They will handle and aid in all steps necessary for any claim you may ultimately make.
Please call us at Higher Standards (952-736-1700) if you have any questions about this or any other issues.