MANAHAWKIN, N.J. - eTradeWire -- Southern Ocean Chamber members who have filed a claim have inquired about updates to landmark antitrust case involving Visa and Mastercard. For those who were not aware of the case, It addresses claims that merchants paid excessive fees to accept these cards due to alleged anti-competitive practices by the card networks and their member banks. The lawsuit was originally filed in 2005 by merchants and trade associations against Visa, Mastercard, and several financial institutions. The plaintiffs alleged that the defendants engaged in price-fixing and other anti-competitive practices, leading to inflated interchange fees (also known as swipe fees) charged to merchants. After years of litigation, a preliminary settlement was reached in 2012, but it faced legal challenges. In February 2019, U.S. District Court Judge Margo K. Brodie approved a revised settlement totaling $5.54 billion; the ruling was later upheld by the Second Circuit Court of Appeals in March 2023.

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The settlement, valued at $5.5 billion, applies to businesses that accepted Visa and Mastercard payments between January 1, 2004, and January 25, 2019. Merchants had the opportunity to file claims on or before February 4, 2025. There is a Class Administrator assigned to the settlement and is reviewing the submissions. To date, there has been no specific timeline for distribution to valid claims.

Merchants who filed claims can check their status by logging into the Merchant Portal, (https://www.paymentcardsettlement.com/en/Login)where they can view their Authorization Status and Claim Status. For more details, visit the official court-authorized settlement website (https://www.paymentcardsettlement.com/en).