Canadian Credit Card Class Actions Settlement – Entitlements For Merchants

If you accepted Visa and/or Mastercard credit cards payments between March 23, 2001 and September 2, 2021, you may be eligible to receive money from certain class actions settlements. In order to receive your entitlement under the settlements, you must submit a claim before September 30, 2022.

Background on the Claim

Class actions were started in Canada claiming that certain banks, Visa, and Mastercard conspired to set higher interchange fees and to impose rules restricting merchants' abilities to surcharge or refuse higher-cost Visa and/or Mastercard credit cards. Interchange fees are fees paid by merchants and collected by banks for transactions involving credit cards.

The settlement for these claims has received court approval, and there is a total of $131 million in compensation available for distribution to eligible class members.