Businesses across the United States have a unique opportunity to claim compensation from a $5.54 billion settlement stemming from a long-standing class-action lawsuit against Visa and Mastercard. This lawsuit, which has been ongoing for years, alleged that the credit card giants imposed unfair swipe fees on merchants. These fees, which merchants argued were excessively high and lacked transparency, were tacked onto each transaction when customers used their Visa or Mastercard credit cards. For many businesses, these fees added up significantly, cutting into profits and making it challenging to manage costs. The settlement fund now offers relief for businesses that paid these fees, providing an opportunity to reclaim some of these lost funds. Background on the Lawsuit and the $5.54 Billion Settlement The settlement is the result of a legal battle that dates back over a decade. Merchants contended that Visa and Mastercard’s swipe fees, or interchange fees, were set without sufficient tra...
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