Epiq to Publish $5.5 Billion Visa-Mastercard Claims Report by July 10
Updated
Updated · Payments Dive · Jun 8
Epiq to Publish $5.5 Billion Visa-Mastercard Claims Report by July 10
1 articles · Updated · Payments Dive · Jun 8
Summary
July 10 is the target for Epiq’s first quarterly public report on the $5.5 billion Visa-Mastercard merchant settlement, giving claimants visibility into claim status, fee disputes and distributions.
Judge Joseph Marutollo pushed for periodic reporting after rejecting a bid for monthly disclosures and directing lawyers to craft a public update process amid merchant frustration over slow payments.
$414 million has been paid to about 598,000 merchants so far from an initial distribution, and plaintiffs are seeking court approval for a second payout of at least $182 million to roughly 84,000 claimants.
The 2018 settlement covers about 12 million U.S. merchants that accepted Visa or Mastercard cards from 2004 to 2019, while a separate injunctive-relief settlement still awaits preliminary approval in Brooklyn.