Deadline Extended by 90 Days in Payment Card Settlement Claims Process
Businesses now have more time to participate in massive $5.5B settlement but must submit claims by new August 30, 2024 deadline
BROOKLYN, N.Y., May 28, 2024 /PRNewswire/ -- In a move that helps ensure more businesses can submit a claim and participate in the unprecedented class action lawsuit "In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation," the Court has extended the claim submission date by 90 days.
The new, extended deadline to file a claim is Friday, August 30, 2024. Claims can be submitted in as little as five minutes on the claims portal at PaymentCardSettlement.com, or by mail. The massive $5.5 billion settlement is the nation's largest antitrust class-action settlement in history.
This extension helps all eligible businesses, and in particular small businesses, which often have limited resources, by giving them more time to take action.
Only businesses that submit a claim by the extended deadline will get money from the settlement. The settlement comes after a 19-year court battle centered on business owners paying allegedly inflated Visa and Mastercard interchange fees.
Who qualifies?
Claim submission criteria is simple: Businesses and other merchants that accepted Visa and/or Mastercard credit or debit cards in the U.S. between January 1, 2004 and January 25, 2019 may be eligible. Even shuttered or bankrupt businesses, or those that changed owners can submit a claim by the extended deadline.
Submit online with a QR code:
More than 18 million businesses received claim forms by mail. Business owners can simply scan the QR code on the claim form and are then taken to a personalized, secure page in the claims portal pre-filled with business credentials.
Submit online with a Tax Identification Number (TIN):
Business owners without a claim form can go to the claims portal, use a TIN to confirm their identity, then follow a few easy steps to submit. Be prepared with documentation confirming authorization to file a claim on behalf of the business, such as a W-9 form.
Submit by mail:
Claims can also be submitted by mail. Visit PaymentCardSettlement.com for instructions.
How much can my business get?
There is no set amount – payments will be calculated after all claims are filed and validated and will depend on the value of all eligible payment card transactions and the number of claims received, among other factors, and they could range from tens of dollars to hundreds of thousands.
Comments from Co-lead Counsel:
"We're happy to share this good news with Visa and Mastercard merchants who haven't yet claimed their share of the landmark Payment Card Interchange Fee Settlement," commented Alexandra "Xan" Bernay, Co-Lead Counsel on the case, and partner at Robbins Geller Rudman & Dowd LLP. "Businesses now have until August 30, 2024 to participate in this extraordinary settlement that goes back 20 years. The extension ensures that eligible merchants have more time to take action and claim their share."
Business Resources:
- To file a claim: www.PaymentCardSettlement.com
- Settlement FAQ: https://www.paymentcardsettlement.com/en/Home/Faq
- To discuss an educational webinar for your organization, contact [email protected]
Media Resources:
- Educational settlement materials and spokesperson details: https://pcsoutreachkit.com/mediakit/kit
- Original settlement claims period press release: https://www.prnewswire.com/news-releases/millions-of-us-businesses-eligible-for-a-share-of-5-54b-payment-card-settlement-302003037.html?tc=eml_cleartime
SOURCE Robbins Geller Rudman & Dowd LLP
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