Visa Mastercard Lawsuit is about the alleged conspiracy to increase interchange fees and restrict merchants to refuse or surcharge expensive credit cards from different banks and credit card companies. The total settlement amount was $188 CAD million but after the deductions, now remaining $131 CAD million is available for the class members.
Smaller merchants with annual average revenue over the class period (CAD) of less than $5 million are eligible to receive 40% of the total net settlement amount and $30 per year claim amount (CAD) for undocumented claims.
Merchants with Approved Undocumented have received their payouts in various phases between June 2023 and October 2024 while merchants with Simplified Claims and Documented Claims can expect to receive their refund in early 2025.
Visa Mastercard Lawsuit Refund
The Canadian Credit Card Class Actions settlement is a legal resolution between major banks and credit card companies, specifically Visa and Mastercard. These organizations allegedly conspired to increase interchange fees and imposed rules that limited merchants’ power to refuse or surcharge costly credit cards, based on the settlement’s allegations.
This settlement’s main purpose is to address the wrong practices of these entities and provide refunds to affected merchants. Affected merchants must have submitted claim forms of this settlement by the deadline of 30 December 2022. Individuals will receive payouts of this settlement if they have accepted VISA and Mastercard credit cards between 23 March 2001 and 2 September 2021.
Visa Mastercard Lawsuit Refund Distribution Timeline
According to the recent updates of the official website of Canadian Credit Card Class Actions settlement, the review phase of claim form is completed and the decision letters have been issued to class members. The patience of the class members has appreciated and individuals can check their mails to know whether they will receive payout or not.
The payout distribution period for Approved Undocumented claims were between June 2023 and October 2024. There is good news for Simplified Claims and Documented Claims, the payments of both claimants is expected to be issued in early 2025, based on official website updates. As we are now in 2025, then you can expect to receive your portion soon.
How much will be my Visa Mastercard Lawsuit Refund?
After the deductions from the total net settlement fund $188 CAD million, now there is a $131 CAD million settlement fund available to distribute between qualifying claimants. Large merchants who have collected more than $20 million in average yearly revenue over the Class Period will be eligible to receive 50% while small merchants will receive 40% of the total net settlement amount.
The court has approved the distribution plan for distributing the settlement fund and its available below.
| Merchant Type | Annual Average Revenue Over The Class Period (CAD) | Allocated Amount of Net Settlement | Claim Options | Per Year Claim Amount (CAD) |
| Small Merchant | Less than $5 million | 40% | Undocumented | $30 |
| Medium Merchant | Between $5 million and $20 million | 10% | Simplified | $250 |
| Large Merchant | More than $20 million | 50% | Simplified
Documented |
$250
Proportional share of the Large Merchant fund (to be decided after all claims are processed) |
Visa Mastercard Lawsuit Refund Eligibility Criteria
The eligibility criteria for Visa Mastercard Lawsuit Refund is crucial to know if you have filed a claim form and are waiting for your payout.
- Merchants who have accepted Visa or Mastercard credit cards for payments during the period from 23 March 2001 to 2 September 2021.
- Those who have accurately submitted claim forms of this settlement by the set deadline and those merchants who have not excluded themselves from the settlement class will be eligible to receive refund of this class action.
- Those who have received letters with approval of tier claim firms will also qualify for the portion of the settlement fund.
- Merchants who have provided proof that they accepted Visa or Mastercard credit cards during the class period will be eligible for a documented refund of this settlement.
Visa Mastercard Lawsuit Refund Delay Update
Official Websites of Visa Mastercard Lawsuit Refund settlement have updated merchants about the late arrival settlement fund which is “Canada Post Workers’ Strike”. Those who have selected the mail check process for payment of this settlement will receive delay in their payouts so be patient while individuals who have chosen direct deposit will receive payouts without any worries.
There can also be many significant delay reasons including calculation of settlement fund, additional requirements from class members, verification of payment details and other claim form details.
If you are facing longer unexpected delays in your Visa Mastercard Lawsuit Refund then you can contact class administration to know the status of your payment. If you have already received payment from this settlement class and want to replace it then contact at [email protected].