Visa and Mastercard Settle $5.5 Billion Lawsuit Over Alleged Anti-Competitive Fees and Practices
Deadline
Deadline: February 4, 2025
Total Settlement Amount
Total amount allocated for all claims
Individual Payout Range
Estimated amount per eligible claim
Proof of Purchase
Proof required: Yes. The amount paid from the settlement fund will be determined by the interchange fees you actually paid or estimated for Visa and Mastercard transactions.
Settlement Summary
In what marks a historic settlement, Visa and Mastercard, along with a number of banks, have agreed to a $5.54 billion payout in response to a class action lawsuit over anti-competitive price fixing rules and fees imposed on businesses. The lawsuit, which spanned transactions from January 1, 2004, to January 25, 2019, revolved around the "interchange" fee, a small percentage of a purchase price that cardholders pay when making a purchase with a credit or debit card. The allegations stated that the companies conspired to enforce anti-competitive trade laws, making it difficult for merchants to offer alternative payment methods and to price-fix certain costs, such as the interchange fees. This lawsuit highlights the alleged continuation of these practices even after Visa and Mastercard changed their operations.
Entities Involved
Eligibility Requirements
- Must have accepted any Visa or Mastercard-Branded Cards in the United States from January 1, 2004 through January 25, 2019.
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