Interchange Fee Settlement

Payment Card Interchange Fee Settlement

A class action lawsuit was filed on behalf of merchants against Visa and Mastercard, alleging antitrust violations. The merchants claim that these companies engaged in anticompetitive behavior by setting fixed interchange fees, which are the charges merchants incur for processing card transactions. This lawsuit argues that such practices led to increased costs for merchants and, ultimately, consumers.

The Court has given preliminary approval to a proposed settlement ranging from a minimum of $5.54 billion to a maximum of approximately $6.24 billion. This settlement is the result of extensive negotiations. By settling, class members can receive payments. Most merchants who submit a valid claim will be eligible for payment from the settlement fund.

Merchants eligible to receive compensation must have accepted Visa and Mastercard payments from January 1, 2004, to January 25, 2019. Filing a claim is required to receive a portion of the settlement funds. The settlement will be distributed based on the merchants’ actual or estimated interchange fees during the class period.

The deadline to submit claims is Tuesday, February 4, 2025. ICS is filing claims on behalf of merchants within this class. Complete the proposal request form and let us represent you today!

Note: It is possible to file a claim independently at no cost through the official website, paymentcardsettlement.com where additional assistance is available.

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