If your business accepted Visa and/or Mastercard between January 1, 2004, and January 25, 2019, you should be aware of a court-approved settlement related to interchange fees. Your business may be eligible to receive a portion of the settlement funds. The preliminary deadline to file a claim is May 15, 2024.

Interchange fees are charged by issuing banks (banks that issue credit cards) to acquiring banks (banks that process transactions for merchants) for each credit or debit card transaction. These fees typically account for a significant portion of the fees merchants pay for accepting card payments. 

In a lawsuit filed against Visa and Mastercard, it was alleged that the companies violated antitrust laws by setting and conspiring on interchange fees. The lawsuit resulted in a $5.5 billion settlement, with eligible businesses potentially receiving a percentage of the funds. 

For more information on the settlement and assistance with filing a claim, you can contact Michael Marinaccio, Claims Recovery Specialist at  J.E. Lawrence Company, via email at mmarinaccio@jelcrs.com or  Cell 848-482-8200.