The $5.5 Billion Visa/Mastercard Settlement: Learn How to Cash In
Does your business accept Visa or Mastercard? You may be able to cash in on a recent $5.5 billion settlement.
Visa and Mastercard recently settled a lawsuit on excessive fees. The settlement allows businesses to claim a portion of these excessive fees for the period of January 1, 2004, through January 25, 2019.
Check out these FAQs to see if your company qualifies.
Who does this impact?
All persons, businesses, and other entities that accepted Visa and Mastercard credit cards at any time during the covered January 1, 2004 – January 25, 2019, timeframe.
What is the settlement?
Businesses will share in the settlement fund of $5.54 billion, pro rata based on all claims filed. Actual settlement amounts will not be known until all claims are received and processed.
How can you claim your settlement?
Claims are processed through the official website, paymentcardsettlement.com. All claims must be filed by August 30, 2024. Payment will likely take significant time.
How we can help
While you may choose to navigate this process yourself, CLA is here to help. With the upcoming due date quickly approaching, our team can help you to review and file the claims for your business.
Learn more
Get more details in our recent article How Businesses Can Cash In on the $5.5 Billion Visa/Mastercard Settlement or watch our explainer video.
Nathan is a CPA and has more than ten years of experience providing tax planning, consulting and compliance services to a number of privately held businesses and individuals in a variety of industries, with a special focus on the transportation and logistics industry. He actively communicates with clients and seeks ways to align their individual and business goals with available tax strategies to allow them to make well-informed decisions.