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Visa & MasterCard violated the law by setting interchange fees, resulting in merchants allegedly paying excessive fees to accept Visa and MasterCard cards. All businesses that have accepted any Visa and/or MasterCard in the United States at any time frame from January l, 2004, to January 25, 2019. Bizboost is partnered with Solutions Unlimited Network (SUN), an authorized third-party claims management firm and has helped thousands of businesses process their claim. You are in great hands!
What is the Visa/Mastercard, Payment Card Interchange Fee Settlement? The Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, known as the “Settlement,” alleges that Visa and Mastercard breached antitrust laws by imposing high interchange fees on merchants. These fees were allegedly a result of collusion among the Defendants.
The Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, known as the “Settlement,” alleges that Visa and Mastercard breached antitrust laws by imposing high interchange fees on merchants. These fees were allegedly a result of collusion among the Defendants. The Court approved the Settlement on December 13, 2019, paving the way for eligible merchants to claim a portion of the settlement funds amounting to billions. Plaintiffs argue that Visa and Mastercard violated antitrust regulations by setting interchange fees and enforcing regulations that restricted merchants from directing customers to alternative payment methods. For instance, rules prohibiting surcharges, discounts, and mandating acceptance of all cards led to merchants paying excessive fees for accepting Visa and Mastercard.
The Settlement was granted final approval by the District Court for the Eastern District of New York. The Second Circuit Court of Appeals reviewed oral arguments and upheld all aspects of the District Court’s final approval order, except for one aspect. The window for filing appeals has closed, and now the parties are preparing for the administration of the claims process.
Any business/merchant who accepted Visa and Mastercard branded cards in the United States any time from January 1, 2004, to January 25, 2019.
At this time, the claims process has not yet been made available. Claims forms will start to be delivered and available online beginning December 1st, 2023. The BizBoost / Solutions Unlimited Network Team will notify its active, eligible merchants when claims forms become available. Filing a claim with either a thirdparty or on your own is the only way for an eligible merchant to potentially receive money from this settlement.
Use the BizBoost / Solutions Unlimited Network Claim Portal for end-to-end claims service.
You do not have to join Payment Card Interchange Fee Settlement. However, if you do not file a claim, you will not be eligible for any settlement money. The filing
deadline has been set for May 31st, 2024.
The time has passed to be able to opt-out of class action settlement. Merchants would have needed to excuse themselves by July 23rd, 2019. If you did choose to
exclude yourself, you are ineligible to receive any funds from this settlement. For further detailed information, visit the Official Court-authorized settlement website
at www.paymentcardsettlement.com.
The amount paid from the settlement will be based on the actual or estimated interchange fees attributed to Visa and Mastercard transactions between January
2004 and January 2019. This settlement operates on a fixed fund basis. We anticipate the total value of claims to surpass the settlement fund, so all submissions
could be proportionally reduced. This means those submitting claims will receive a fraction of their estimated interchange fee volume during the settlement period.
Currently, there’s no way to accurately project how much money you could get back. As an example, if the total settlement fund amounts to $5 billion and valid
claims sum up to $125 billion, the payout will represent a proportional share for each $1.00 claimed. In this scenario, with $125 billion in claims against a $5 billion
fund, each claimant would receive a gross payout of $0.04 for every $1.00 of valid claims made. There’s a possibility for substantial returns as some of the largest
merchants—such as Wal-Mart, Amazon, Delta Airlines, American Airlines, and Google—have either received compensation from the Defendants or have chosen
to opt out of the settlement class.
Claim forms are being delivered and will be available online beginning December 1, 2023. If you are a current BizBoost client or wish to become a client and accepted Visa/Mastercard payments during January 1, 2004, to January 25, 2019 and would like use the BizBoost / Solutions Unlimited Network Team to handle the claims process on your behalf, fill out this BizBoost / Solutions Unlimited Network Claim Portal and our team will reach out to you with next steps.
We will be in touch via email with next steps within 48 business hours. Haven’t heard from us yet? Please check your spam folder or email us at info@solutionsunlimitednetwork.com
Disclaimer: Claim forms are being delivered and are available online beginning December 1st, 2023. The filing deadline has been set for May 31st, 2024. Class members need not sign up for any third party service in order to participate in any monetary relief. No cost assistance is available from the class administrator and class counsel during the claims filing period. For additional information regarding the status of the settlement, interested persons may visit www.paymentcardsettlement.com, the Court-approved website for this case.
