News from the Wire

New Feb. 4, 2025, deadline for $5.5B payment card claims

Tuesday, August 13, 2024 — 13:52:46 (EDT)

BROOKLYN, N.Y., Aug. 13, 2024 /PRNewswire/ -- In a development 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. The new deadline is Feb. 4, 2025. The official claims portal remains PaymentCardSettlement.com.

The $5.5 billion settlement is the nation's largest antitrust class-action settlement in history and aims to return real money to merchants and businesses nationwide.

Millions of businesses have more time to participate in huge settlement but must submit claims by Feb. 4, 2025 deadline

Deadline Extended Until February 4, 2025 in $5.5B Payment Card Claims Process. Millions of businesses encouraged to participate in the unprecedented class action lawsuit by submitting a claim at the official claims portal at PaymentCardSettlement.com.

Deadline Extended Until February 4, 2025 in $5.5B Payment Card Claims Process. Millions of businesses encouraged to participate in the unprecedented class action lawsuit by submitting a claim at the official claims portal at PaymentCardSettlement.com.

Claims can be submitted easily and in as little as five minutes on the claims portal or by mail, without the need for third-party assistance.

The extension helps all eligible businesses, in particular small and independent businesses who accepted credit or debit cards during the class period. These independent and smaller businesses often have limited resources, and the extension provides more time to submit a claim in the settlement.

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?

Criteria is simple: Any size business that accepted Visa and/or Mastercard credit or debit cards in the U.S. between Jan. 1, 2004 and Jan. 25, 2019 may be eligible. Even shuttered or bankrupt businesses, or those with new owners can submit a claim, but must do so before the new deadline.

How do I file a claim?

Claims can be submitted online at PaymentCardSettlement.com. The process can take as little as five minutes.

Claim submission methods include:

Online with a QR code:

Business owners who receive a claim form by mail can scan the QR code on the form, and after validation they are taken to a secure, personalized page on the claims portal pre-filled with business credentials.

Online with a Tax Identification Number (TIN):

Business owners without a claim form can visit the claims portal, use a TIN to confirm their identity and authorization, then follow the easy steps to submit. Submitters should be ready with documentation confirming their authorizing to file a claim on behalf of the business.

By mail:

Claims can also be submitted by mail. For further instructions, visit the claims portal. How much will I 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 may range from tens of dollars to hundreds of thousands or more.

Comments from Co-Lead Counsel:

"Class Counsel is happy to share this good news with merchants who accepted Visa and Mastercard during the class period and haven't yet claimed their share of the Settlement," noted Alexandra "Xan" Bernay, partner at Robbins Geller Rudman & Dowd LLP, and one of three Co-Lead Counsel firms on the case. "Businesses will now be able to submit a claim until February 4, 2025 in this truly huge settlement. This extension ensures that as many eligible merchants as possible can rightfully claim their share."

Business Resources:

To file a claim: paymentcardsettlement.com/en/Login

Settlement FAQ: www.paymentcardsettlement.com/en/Home/Faq

Media Resources:

Educational settlement materials and support materials: www.pcsoutreachkit.com/kit Original settlement claims period press release: www.prnewswire.com/news-releases/millions-of-us-businesses-eligible-for-a-share-of-5-54b-payment-card-settlement-302003037.html?tc=eml_cleartime

Claim extension period press release: www.prnewswire.com/news-releases/time-is-running-out-for-businesses-to-file-for-5-5b-payment-card-settlement-302119035.html If you would like Co-Counsel to hold an educational webinar for your businesses organization, please contact the Education and Outreach team at WOCMedia@wrightoncomm.com.

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information: bankcardlife.com?orid=33533&opid=1 .

Source: Company press release.