In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation (MDL 1720)
The Visa/Mastercard settlement is now paying out
The $5.54 billion interchange fee settlement has moved from claim filing to distribution. If your business filed a claim, the work now is tracking it, answering the administrator, and reconciling what you're paid — that's where we come in.
Settlement at a glance
Where things stand
Settlement docket, in plain English
- 2005 – 2019Litigation and settlement
U.S. merchants alleged Visa and Mastercard charged excessive interchange ("swipe") fees. The damages class settled for $5.54 billion; the court granted final approval on December 13, 2019.
- 2023Settlement becomes final
Appeals concluded and the settlement became final. Claim forms were mailed and the claims process opened in December 2023.
- Feb 4, 2025Claim-filing deadline
The court-approved deadline to file claims passed. Consideration of late claims is not guaranteed.
- 2025 – 2026Claims processing and first distribution
The administrator has been validating claims, resolving deficiencies, and began distributing settlement funds to authorized claimants.
- June 15, 2026Second distribution approved
The court approved class counsel's motion for a second initial distribution of settlement funds, anticipated to occur in September 2026, for the claim population identified in the motion.
- OngoingFurther distributions and reconciliation
Payments are made pro rata based on validated interchange fees. Amounts, timing, and additional distributions depend on the administration process.
Official court-authorized information: paymentcardsettlement.com. No-cost assistance is available from the Class Administrator and Class Counsel.
Background
About the settlement
The settlement compensates merchants for interchange fees attributable to Visa and Mastercard card transactions between January 1, 2004 and January 25, 2019. Businesses that accepted Visa or Mastercard during that period and filed a valid, timely claim ("authorized claimants") share in the fund pro rata, based on the interchange fees attributable to their transactions.
Because payment is pro rata across millions of claims, individual amounts weren't knowable at filing and are established through the administration process — which is why careful documentation, deficiency responses, and reconciliation matter even after the claim is in.
What we do at this stage
Help for businesses that filed
Claim & payment tracking
We monitor administration updates and distribution schedules, and keep you informed about where your claim stands and what to expect next.
Administrator requests & deficiencies
If the administrator questions your claim or requests additional documentation, we respond promptly and completely so your payment isn't delayed or reduced avoidably.
Disbursement reconciliation
When funds arrive, we reconcile the payment against your claim with itemized reporting, so you can see exactly what was recovered and how fees were calculated.
Didn't file by the deadline? We won't sell you false hope: the administrator cannot guarantee late claims will be considered. What we can do is review your situation, and put your business in position for settlements that are open now and ones still to come — eligibility reviews cost you nothing.
Questions, answered plainly
Frequently asked questions
What is the Visa/Mastercard settlement?
A $5.54 billion class action settlement compensating U.S. merchants for interchange fees attributable to Visa and Mastercard transactions between January 1, 2004 and January 25, 2019. It received final approval in December 2019 and became final after appeals in 2023.
Can I still file a claim?
The court-approved filing deadline was February 4, 2025, and it has passed. The administrator cannot guarantee that late claims will be considered. If you believe your business had extraordinary circumstances, contact us and we'll give you a straight answer about whether anything can realistically be done.
I filed a claim. When do I get paid?
Distributions are happening in stages. An initial distribution has occurred, and on June 15, 2026 the court approved a second distribution anticipated for September 2026, covering the claim population identified in class counsel's motion. Timing for any individual claim depends on its validation status.
How much will my business receive?
Payments are pro rata, based on the interchange fees attributable to your Visa and Mastercard transactions during the class period relative to all validated claims. Higher card volume during 2004–2019 generally means a larger share. Exact amounts are established by the administration process.
The administrator sent my business a letter or deficiency notice. What now?
Respond — completely and on time. Unanswered requests can delay or reduce payment. If you'd rather not manage it yourself, that's precisely what our claim-monitoring service handles.
What does your service cost?
Our engagements are contingency-based: the fee is a percentage of what your business actually recovers, stated in your written agreement before we do anything. No recovery, no fee.
Do I need a third-party service at all?
No — and we'll say that plainly. Class members can always deal directly with the Class Administrator at no cost, and no-cost assistance is available from Class Counsel via paymentcardsettlement.com. Businesses hire us for the time it saves and the completeness of the follow-through.
Is there a new Visa/Mastercard settlement in 2026?
A separate matter concerning injunctive relief (future interchange rates and rules) is before the court in 2026. It is a different track from the $5.54 billion damages fund and does not involve filing claims for cash payments. Be wary of anyone conflating the two.
Get help
Claim status & payment help
Tell us where your claim stands and we'll follow up within one business day. Don't include full bank-account numbers or passwords in this form.
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