Deadline Approaching: Credit Card Class Action Settlements
If your business has accepted VISA and MasterCard credit cards between March 23, 2001 and September 2, 2021, you may be eligible to receive money from class actions settlements. The class action suits claimed that VISA and MasterCard conspired to set higher interchange rates and restricted a business ability to surcharge or refuse their higher credit card use. ORHMA signed on to this class action suit back in 2016. The settlements have received court approval, and there is a total of $131 CAD million in compensation available for distribution to class members after court-approved deductions (the “Net Settlement Amount”). The distribution is itemized at https://www.creditcardsettlements.ca/ and includes merchants who accepted payments by Visa or MasterCard credit cards as payments for goods or services in Canada between March 23, 2001, and September 2, 2021. Furthermore, through the class action suite the courts determined that merchants will now be authorized to add surcharges starting in October 2022. Visa and MasterCard will also amend their surchargin
g policies in allowing small businesses if they choose to pass on their merchant credit card fees to customers. In September 2015, ORHMA signed up its members to the Class Action Suit against VISA and MasterCard. Now, as per the guidelines, all Canadian businesses who accepted VISA or MasterCard during the Class Period (March 23, 2001 to September 2, 2021) are eligible to receive payment under the Class Action. Recent years have not been kind to our hospitality industry with the various pressures we faced and continue to endure. Over the years, ORHMA has been very active in challenging merchant rates. ORHMA is a founding member of a business coalition that has influenced lower rates, has presented to the Federal Standing Senate Committee on Banking, Trade and Commerce and signed up to this same class action suit on behalf of its members. We are continuing to pursue further reductions on merchant fees that are fair. Who can receiv
e payment under this Class Action? Settlement Class Members who accepted payments by Visa or MasterCard credit cards as payments for goods or services in Canada between March 23, 2001, and September 2, 2021. In o
rder to participate in the Settlement, a Class Member must submit a claim no later than: · December 30, 2022: Claim Deadline for Documented claims (Deadline extended for Documented claims only since the online documented claim form was only made available on August 30, 2022)
· September 30, 2022: Claim Deadline for Undocumented and Simplified claims. Click here for more information on how to submit a claim.