A groundbreaking $5.5 billion antitrust settlement against Visa and Mastercard has opened doors for small business owners.
This landmark case, resolved after a 19-year legal battle, accuses the payment giants of inflating merchant fees. Black women entrepreneurs now have a unique opportunity to claim their share of this substantial payout.
Visa/Mastercard Settlement: A Win for Small Businesses
The class action lawsuit against Visa and Mastercard has resulted in a massive $5.5 billion settlement. This victory aims to return money to small and independently owned businesses. The accusation centered on inflated merchant fees, which had been burdening businesses for years.
Alexandra “Xan” Bernay, partner at Robbins Geller Rudman & Dowd LLP, expressed satisfaction with the outcome. She emphasized the importance of eligible merchants claiming their rightful share. The extended deadline now gives more businesses a chance to participate.
Extended Deadline: A Second Chance for Entrepreneurs
Good news for business owners who missed the initial deadline. The claim submission period has been extended to February 4, 2025. This extension is crucial for maximizing participation in the settlement.
Some merchants had grown discouraged during the lengthy legal process. However, this deadline extension renews hope. It provides a fresh opportunity for those who may have overlooked or discarded their claim forms.
Eligibility and Claim Process: What You Need to Know
Any business that accepted Visa or Mastercard credit or debit cards in the U.S. is potentially eligible. The qualifying period spans from January 1, 2004, to January 25, 2019. Size doesn’t matter – businesses of all scales can participate.
Filing a claim is straightforward. Entrepreneurs can submit claims online at PaymentCardSettlement.com or by mail. Those without a claim form can use the claims portal. A TIN (Tax Identification Number) is required to confirm identity and authorization.
Potential Payouts: Understanding the Settlement Distribution
While exact payout amounts aren’t predetermined, several factors will influence the distribution. The total value of eligible payment card transactions plays a crucial role. Additionally, the number of claims received will impact individual payouts.
This settlement represents a significant opportunity for Black women entrepreneurs. It’s a chance to reclaim fees that may have impacted their businesses over the years. Acting promptly to file a claim could result in a welcome financial boost.
