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Act Now: May 31 Deadline to Claim Part of $5.5 Billion Visa/Mastercard Settlement

If your business took Visa and Mastercard payments between 2004 and 2019, you are most likely owed money from a lawsuit that's already settled and funded with a $5.5 Billion settlement fund.

You may have received a class action form some time last year, but even if you did not return the form, there are easy ways to apply for the reimbursement. And the BEST part is you don't need to provide ANY paperwork or substantiate the amount owed to you in any way -- you just need to submit a claim by the deadline of May 31, 2024!

As part of PPS Solutions' commitment to helping entrepreneurs with their business growth and success, we are happy to help you navigate the process of making your claim. Just send us an email or give us a call and we will guide you through the process:

Phone: +1.562.294.0603

PPS Solutions PC is not affiliated with the settlement in any way and does not earn fees, revenue, or any other compensation from the fund. We also will not charge any business we help to file a claim. We provide the information and assistance free of charge as part of our mission to help entrepreneurs meet the unique challenges of growing businesses in today's complicated business environment.

History and Details of the Settlement

The settlement relates to a lawsuit settlement that partially resolved a long-running antitrust case in which the two credit card network giants were alleged to have overcharged merchants by exacting excessive interchange fees.

The "swipe fees" are what each merchant pays to accept credit card payments. Visa and Mastercard didn't admit to wrongdoing in the settlement agreement, which was upheld by the Court of Appeals for the Second Circuit in March of 2023.

The $5.5 Billion set aside by the settlement has an application deadline of May 31, 2023. Once the claims administrator receives all of the applications, they will verify the charges associated with the merchant account and award the settlement amount to each merchant. If you apply before May 31 and you accepted payments during the payment window, you will likely receive some portion of the settlement. The claims administrator will advise you how much once all claims are processed.

Given the tight deadline, the plaintiff's lawyers have been making a final push to get as many businesses to submit claims as possible. There are a number of outreach efforts aimed at combatting misinformation and educating merchants about the validity of the settlement.

The attorneys also note that there are other lawsuits currently pending against Visa and Mastercard that involve how interchange fees are handled. Fortunately, however, none impact any merchant from their ability to file a claim in this suit. Also, filing a claim in this suit does not limit the ability to benefit from a future settlement as well.

PPS Solutions

PPS Solutions is committed to helping Growing Business achieve their goals through strategic financial partnership with the companies we serve. Our core services are Fractional CFO services and Full-Service Finance and Accounting, both of which are customizable to businesses of many sizes and industries.

To learn more, please book a discovery call with us at the link below:

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