If you are a business or lawyer involved with the massive $5.5 billion payment card settlement, we have a question for you.
Why wait for your money?
Businesses who accepted Visa and or Mastercard between 2004 and 2019 are eligible to claim a share of the settlement. Big, or small, with one payment terminal for 40,000, if you file a claim by February 4, 2025, and it is authenticated and approved, you will be part of the settlement distribution. You can learn more on the official settlement site.
There are nearly 20 million merchants estimated to qualify for the settlement. Whether they all submit a claim and how many interchange fees they can prove will determine how much your business will receive with your claim.
The first step is filing a claim, then you will receive an estimate of the interchange charges attributed to your Visa/Mastercard transactions from the period specified above. With data from millions of point-of-sale terminals it is possible the Class Administrator could under-value your estimate or have incomplete data. If that happens, you can challenge the estimated interchange payments and work with the Class Administrator to update the records for your business.
Even if a small fraction of the 20 million businesses apply, and even fewer challenge the data, this could easily become a logistical nightmare filled with delays, and complex negotiations. It could take years for the negotiations to conclude and checks to start rolling.
For business owners, not applying is like leaving money on the table. But applying means you could be in for a long wait. With a litigation financing deal, it doesn’t have to be that way. If you’ve applied and been approved, you can accelerate your future payment and put that money back into your business now.
Litigation financing is a unique tool at your disposal. Providers like RD Legal offer an advance on your future settlement payment. Allowing you to preserve cash flow and business operations while the lawyers, courts and administrators settle on and distribute payments. When your settlement finally arrives, it goes (in part or full) to the litigation financer. They assume the risk of non-payment or lower payment and do the waiting.
If history has taught us anything it is that payments from large mass tort cases take years to get to the plaintiff. So why wait? Whether your payment is $2,500 or $25,000,000, contact us today to discuss your options. If you are new to litigation financing, check out our blog, we have several posts that highlight the ins and outs of litigation financing.
