This retained July 2026 archive explains the cash settlement, historical distribution information and where a claimant can check its own status. The figures below are dated evidence, not a live tally or a promise of payment.
Quick Facts and Status at a Glance
| Metric or Event | Detail |
|---|---|
| Settlement scale | Approximately $5.5 billion monetary settlement; not a current undistributed balance |
| Class Period | January 1, 2004 – January 25, 2019 |
| Claim Filing Deadline | February 4, 2025 (Passed) |
| Dated initial distribution evidence | Epiq’s May 26, 2026 declaration reported over $414 million sent to more than 597,900 claimants as of May 22, 2026; not a current total |
| Current individual status | Use the official Merchant Portal; aggregate totals do not establish your claim status |
| Historical second initial partial distribution timing | The administrator described rolling payments in September 2026 for a limited approved population; check the portal for actual payment status |
What Is the Lawsuit About?
The lawsuit, officially known as the Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, argues that Visa and Mastercard, along with major card-issuing banks, conspired to set excessive interchange fees, often called swipe fees, paid by merchants on every transaction.
The lawsuit also challenged network rules that prevented merchants from directing customers to lower-cost payment methods or charging surcharges to help cover processing fees.
Qualification Standards: Who Is Eligible?
- Accepted covered cards: You accepted Visa-branded or Mastercard-branded credit or debit cards in the United States.
- The qualifying period: Your card acceptance occurred at any time between January 1, 2004, and January 25, 2019.
- Exclusions matter: Opt-outs and other excluded categories must be checked against the official class notice; card acceptance alone does not settle eligibility.
- Business status: You do not need to remain in business today to receive a payout. Closed stores, sold locations, and restructured entities that operated during the qualifying period may still be eligible.
Note on value: The distribution plan uses qualifying interchange fees and valid-claim determinations, rather than a fixed award for every merchant. Use the administrator’s determination and dispute process for your own claim.
How Many Merchants Have Been Paid?
The dated distribution figure in the table comes from Epiq’s declaration filed May 26, 2026, paragraph 4. It is an earlier primary-source snapshot, not a replacement estimate for June 30 or today. The article’s earlier unlinked aggregate claim-count and fund-balance figures are omitted because their precise primary filing was not established in this review. The administrator’s homepage describes the second partial distribution and directs claimants to their portal status.
Why Are Some Merchants Still Waiting?
Claims Awaiting Special Master Review
Some merchant claims remain under review because of documentation questions, historical processor data mismatches, or other disputes.
Tax Identification Number Conflicts
A conflict can arise when more than one entity or registrant claims authority over funds connected to the same business tax identification number.
Payment Elections Not Yet Selected
Some approved claimants may still need to choose how they want to receive payment. Claimants should review official communications and use the court-approved merchant portal.
2026 Rule Changes and Equitable Relief
A separate part of the litigation concerns forward-looking credit-card acceptance and fee rules. Proposed changes have included additional surcharging flexibility, more acceptance choices, and limits intended to create greater rate stability.
This prospective equitable-relief proceeding is separate from the cash settlement. Visa’s June 9, 2026 statement described preliminary approval; it was not final approval. Follow the court-authorized equitable-relief website before changing acceptance practices.
Protecting Your Business from Settlement Scams
Business owners should be cautious of third-party recovery companies demanding large fees or a percentage of settlement proceeds. The court-appointed administrator provides official claim information and support through the settlement website.
What Business Owners Should Do Now
- Confirm that the claim was filed before the deadline.
- Review email and spam folders for official notices.
- Verify payment election details through the official settlement portal.
- Respond promptly to requests for supporting documentation.
- Avoid sharing sensitive information with unverified third parties.
Eric Kuvykin
Publisher and editorial director covering payments, fintech, merchant services, banking, AI, technology and operating strategy for small and medium-sized businesses.
