Did your business accept VISA or Mastercard credit card payments between March 23, 2001, and September 2, 2021? If so, your business may be eligible to receive money from a class action settlement.
The lawsuit alleged that Visa and Mastercard conspired with Issuing Banks and acquirers to set the amount of interchange fees. “Interchange Fees” are paid by merchants and collected by banks for transactions involving Visa and/or Mastercard credit cards in Canada. They also imposed rules that restrict merchants’ ability to surcharge or refuse higher cost Visa and Mastercard credit cards.
Although the banks did not admit liability, they have agreed to settle the lawsuit. As a result, businesses can apply to receive a settlement payment. Approximately $131 million in compensation is available for distribution.
In order to receive compensation, you must submit a claim no later than 11:59 pm PST on September 30, 2022. To submit a claim online, please click here. If you wish to mail your claim, click here for a printable claim form.
The amount of money you will receive depends on your business’ average annual revenue during the lawsuit’s time period. After a claim is submitted and approved, processing takes time. It could be up to one year before you receive compensation. For more information and to stay up to date on recent developments regarding this class action lawsuit, visit https://www.creditcardsettlements.ca/.
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