Millions of U.S. businesses eligible for a share of $5.54 billion payment card settlement

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Mitch Goldstone, CEO of Scanmyphotos.com

Mitch Goldstone‘s nearly 20-year quest to legal battle onerous swipe-card fees has concluded with a victory … and business owners around the country can get part of the court-approved $5.54 billion settlement. Goldstone, the CEO of leading photo scanning company ScanMyPhotos, and other plaintiffs filed the class-action suit “In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation” in 2005 against Visa and MasterCard that alleged the companies overcharged retailers on interchange or “swipes” fees when shoppers used credit or debit cards, and barred retailers from directing customers toward cheaper means of payment.

Now that the dust has settled on lengthy legal battle, millions of business owners can submit claims for their portion the settlement. Claim forms are now in the mail to businesses; visit the settlement website at www.paymentcardsettlement.com where class members may also file a claim for their share of the settlement based on their estimated Visa and/or Mastercard interchange fees and other factors during the class period of Jan. 1, 2004, and Jan. 25, 2019.

In an interview with the Dead Pixels Society, Goldstone reflects on the nearly two-decade-long journey. “When we started this, I was still printing pictures with Noritsu printers,” he said, as his business was a 1,200-square-foot retail photo store called 30 Minute Photos Etc. Goldstone said he is relieved the years of flying across the country to be the voice of the litigation process is over. “The bottom line is, it is settled.”

He recommends retailers act quickly to make their claims. Goldstone emphasizes the claim process is easy and simple; he cautions retailers should be wary of third parties offering to help with the process for a portion of the settlement. “This is a simple process,” he said. “There is no need to have a third party involved, especially a claims settlement company.”

Knowing there are a great many photo stores that have closed over the past two decades, Goldstone reminds the Dead Pixels Society readers that settlement recipients don’t have to currently be in business to make a claim. As long as a business was active between Jan. 1, 2004, and Jan. 25, 2019, an owner may be entitled to a settlement.

Businesses should look for claim forms in the mail beginning in December and can follow the instructions on the form to file a claim online or by mail. For further information and updates on the Payment Card Settlement, including a timeline, Frequently Asked Questions (FAQs), and related documents, please visit www.PaymentCardSettlement.com.