BikPays
Quick Overview of the Visa/Mastercard Lawsuit
Visa and Mastercard have settled a lawsuit that claimed the payment processing giants charged businesses using their systems excessive amounts to take payments from customers and clients between 2004 and 2019.
The US District Court, Eastern Court of New York has preliminarily approved a settlement with a minimal total payout of $5.54 billion – although this could ultimately rise to $6.24 billion
Reports suggest that between 12 and 18 million businesses across the United States that accepted Visa and Mastercard payments between January 1, 2004, and January 25, 2019, are eligible to claim a share of the lawsuit.
Claim forms began mailing on December 1, 2023, and the filing process will close on May 31, 2024.
