FREQUENTLY ASKED QUESTIONS

Who is eligible to make a claim?

Any U.S. business, regardless of size, that accepted Visa or Mastercard credit or debit cards between January 1, 2004, and January 25, 2019 is eligible to file a claim. This includes businesses that are no longer in operation but were active during this period.

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What is this lawsuit about?

This lawsuit addresses claims by merchants against Visa, Mastercard, and several member banks, alleging that these entities violated antitrust laws by setting interchange fees and enforcing rules that limited merchants’ ability to steer customers toward cheaper payment methods. These rules included no-surcharge, no-discounting, and honor-all-cards rules, which insulated Visa and Mastercard from competitive pressure to lower fees. Merchants argued that these practices led to excessive interchange fees, negatively impacting their businesses.

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What is an interchange fee?

An interchange fee is a fee that merchants pay when a customer makes a purchase using a Visa or Mastercard payment card. Typically ranging from 1% to 2% of the transaction amount, this fee represents the largest portion of the costs merchants incur for accepting payment cards.

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What is the current status of the case?

The settlement received final approval on August 8, 2023, following the appeals period. Claim forms were sent to approximately 18 million class members and have been available online since December 1, 2023. The deadline to submit claims is February 4, 2025.

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Why is this a class action lawsuit?

This case was pursued as a class action, meaning that it represents all U.S. merchants with similar claims against Visa, Mastercard, and their associated banks. This allows individual merchants to join together in a collective legal action. The court’s approval of the settlement applies to all class members unless they opted out.

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Why is there a settlement?

Both sides agreed to a settlement to avoid the costs, risks, and time involved in a trial and any subsequent appeals. After 13 years of litigation, extensive discovery, and numerous depositions, both parties determined that settling the case would be in the best interest of the class members, allowing merchants to receive compensation more quickly.

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How much money will be provided in this settlement?

Visa, Mastercard, and several banks have agreed to provide $5.54 billion to merchants who did not exclude themselves from the class. These funds will be used to pay valid claims, settlement administration and notice costs, applicable taxes, attorneys’ fees, and service awards for the class representatives.

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How much money will I get?

The amount you receive will be based on the interchange fees your business paid during the claim period of January 1, 2004, through January 25, 2019. Your payment will depend on the total value of valid claims, the cost of administering the settlement, applicable taxes, and attorney fees. Each claimant’s payment is a pro-rata share of the total settlement fund.

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When will I get paid?

No payments are expected to be made until after the claim filing deadline of February 4, 2025. The exact amount of your payment cannot be determined until all claims have been filed, reviewed, and the Court approves the final distribution amounts. Please be patient, as this process can take time.

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Who decides the value of my claim?

The Class Administrator uses data from Visa, Mastercard, and other sources to estimate the interchange fees your business paid between January 1, 2004, and January 25, 2019. If sufficient data is not available, or if you dispute the estimated value, you will need to submit additional documentation to support your claim. This information may include transaction volumes, merchant discount fees, and other relevant business details.

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What if the Class Administrator doesn’t have my data?

If the Class Administrator does not have sufficient data on your business’s interchange fees, you can still file a claim. You may be required to estimate the interchange fees your business paid during the claim period or provide additional financial documents. If your provided data cannot be validated, the Class Administrator will request further documentation.

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Will I need to produce my financial statements?

No, in most cases, your settlement amount will be calculated using data associated with your business’s EIN. If there are any disputes regarding the amount, our legal team will advocate on your behalf to resolve the issue and substantiate your claim.

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What happens if my business is no longer in operation?

Businesses that are no longer in operation but accepted Visa or Mastercard cards between 2004 and 2019 are still eligible to file a claim. The closure of your business does not affect your right to compensation.

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How will the lawyers and Rule 23(b)(3) Settlement Class Plaintiffs be paid?

Class Counsel was granted an attorney fee equal to 9.31% of the settlement fund, and they will continue to seek compensation for any additional work in administering the settlement and handling appeals. Class Plaintiffs who represented merchants in the lawsuit received service awards ranging from $50,000 to $200,000 for their efforts.

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What if I was operating as a sole proprietor under my social security number?

That’s perfectly fine. You may still qualify for the settlement if you processed payments using your social security number as a sole proprietor.

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What happens if I have multiple TINs?

Each TIN (Taxpayer Identification Number, EIN for businesses and SSN for sole proprietor) is treated as a separate case. Therefore, if you have multiple TINs, you will need to submit a separate filing for each one. However, if your business operated at multiple addresses but under the same TIN, you only need to submit one filing for that TIN.

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Is VICE VERSA VICTORY a law firm?

NO. VICE VERSA VICTORY  LLC is a firm with access to an extensive network of in-house and external legal counsel. While VVV is not acting as the primary legal counsel, it may consult and collaborate with legal professionals as necessary to assist in handling claims, ensuring all matters related to the settlement are processed accurately and efficiently.