A federal judge has extended the deadline for US merchants
to file claims in a $5.5 billion class-action settlement involving Visa and
Mastercard. The new deadline, set by Judge Margo Brodie, is February 4, 2025.
This extension is the second this year.

The previous deadline was August 30. The extension allows
more time for claim forms to reach potential claimants, according to the
plaintiffs’ lawyers. Merchants can file claims online. Eligible businesses
could receive amounts in the hundreds of thousands of dollars.

Merchants Get Settlement Extension

The merchants in the class action are represented by Robins
Kaplan, Robbins Geller Rudman & Dowd, and Berger Montague. Ryan Marth, a
partner at Robins Kaplan and co-lead counsel, said the extension helps ensure
that as many eligible merchants as possible can claim their share of the
settlement.

On August 13, Judge Joseph Marutollo, a Federal Magistrate,
held a hearing to discuss the claims submission process. He urged lawyers to
address any issues raised by merchants and their representatives efficiently
and properly.

Earlier, A
US federal judge has paused the $30 billion settlement proposed by Visa and
Mastercard over claims of excessive swipe fees, which may lead to its rejection,
as reported by Finance Magnates.

The settlement, intended to reduce transaction fees, has
faced resistance from major retailers. Previously, Visa and Mastercard had
settled a related lawsuit in 2018 for $6.2 billion but unresolved issues
remained, leading to the current settlement under review.

Visa, Mastercard Antitrust Settlement

The settlement partially resolves an antitrust case where
Visa and Mastercard were accused of overcharging merchants with excessive
interchange fees, also known as swipe fees.

The class action includes any US
businesses that accepted Visa or Mastercard credit or debit cards from January
1, 2004, to January 25, 2019. Visa and Mastercard did not admit to any
wrongdoing in the case, which was solely a civil matter.

This article was written by Tareq Sikder at www.financemagnates.com.

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