Blog April 29th 2024

Claims Filing Deadline May 31st Fast Approaching in Payment Card Interchange Settlement: Monetary Award of $5.54 to $6.24 Billion Available to Merchants

In December 2019, the Courts approved a monetary award in U.S. antitrust litigation between merchant Plaintiffs and Visa, Mastercard, and large U.S. bank Defendants. Merchants interested in claiming settlement payments must file claims no later than May 31, 2024. This settlement opportunity is distinct from the March 2024 proposed injunctive relief settlement.

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Callum Godwin

Chief Economist

Updated May 14, 2024: In an Order dated May 14, 2024, the Court granted an extension of the claims-filing deadline. The deadline to submit claims is August 30, 2024.



“If your business accepted Visa and/or Mastercard between 2004 – 2019, you’re now eligible to claim your share of a $5.5 billion Settlement.” That is the first thing you’ll see on the Court-authorized settlement website Here we break down where this opportunity came from, what’s available, and how card-accepting merchants can think about claiming the monetary award available.


In 2004, a group of merchants filed an antitrust lawsuit against Visa, Mastercard, and several large U.S. banks commonly referred to as MDL 1720 Payment Card Interchange Fee and Merchant Discount Antitrust Litigation. The lawsuit brings claims that merchants paid excessive interchange fees due to certain network rule requirements and the fee-setting structures of Visa, Mastercard, and some of the largest U.S. banks.

After 13 years of litigation, 60 million pages of documents, and more than 550 depositions, the parties agreed to settle in the case without going to trial.1 In December 2019, the Court finalized the settlement for monetary relief without going to trial- not to be confused with injunctive relief changes to interchange fee levels and network rule requirements for which a proposed settlement was announced in March 2024. Click through for CMSPI’s summary of the injunctive relief settlement.

What is happening now and what do I need to do to claim?

Despite some objections, monetary settlement in MDL 1720 was approved in December 2019 and the Court-appointed Claims Administrator mailed claims forms from December 2023 to January 2024 to eligible class members. Merchants wishing to file a claim must do so with the Claims Administrator no later than May 31, 2024.

Who is eligible?

Any merchant who accepted Visa- and Mastercard-branded payment cards between January 1, 2004 and January 25, 2019 who has not already settled or opted out of the MDL 1720 class. To understand if these exceptions apply to your company merchants can:

1) contact legal counsel; or

2) contact the Claims Administrator at 1-800-625-6440

How much of the settlement is available to my business?

Your business is eligible for monetary award based on your actual or estimated Visa and Mastercard interchange fees paid between January 1, 2004 and January 25, 2019. Final amounts will be dependent on the total value of all valid claims less taxes and attorney’s fees and expenses.

How are individual claim amounts calculated?

The Claims Administrator has some data from the Defendants to support in estimating the total value of interchange fees paid by each valid Claimant. However, where data is not reasonably available or you as a Claimant disagree with the estimated value of your claim, you will be required to provide the known estimated dollar amount of your Visa and Mastercard Interchange fees paid during the covered period. Further, if the Claims Administrator is unable to validate your claim, you may be required to submit supporting documentation.2

What do I have to lose?

As noted on the Claims Administrator’s website: “the time for all appeals has passed.”3 If your business did not exclude itself from the settlement, you will be bound by the terms of the settlement regardless of whether you file a monetary claim.

What should I consider as a next step?

1) Consider collaborating with your legal counsel to understand the status and eligibility of your company to file a claim.

2) Contact the Claims Administrator with any questions or proceed to File a claim. When filing a claim, you will need the Claimant ID and Control Number in your mailed Claims Form, or you may be able to proceed with a Taxpayer ID number and some additional details.

3) Consider your own business complexities (i.e., availability of 15 years of historical transaction records, franchisee models, new business entity creation and/or merger and acquisition activity, etc.) and what data you may want to gather to maximize your chances of receiving the full eligible value of your claim.

Interchange reclaim is a complicated area, so please do not hesitate to get in touch with CMSPI with any remaining questions or concerns you may have. We are currently working with many of our clients to ensure they are able to navigate these complexities.

CMSPI is not a legal firm and does not engage in the provision of legal services or legal advice. Nothing within this (blog, document, etc.) should be interpreted as legal advice or guidance. For any legal services, please contact a qualified legal expert.