Payment Card Interchange Fee Litigation (Visa/Mastercard)
In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation
Where it stands
The $30 billion class settlement was rejected by the court in June 2024; plaintiffs and defendants continue to litigate. Earlier Rule 10b-5 and separate claims resolved; merchant class claims remain active.
What it's about
The long-running merchant antitrust case over card swipe fees. After a judge rejected the proposed $30 billion settlement in June 2024, the litigation over interchange rules and fees continues for millions of U.S. merchants.
The allegations
Merchants allege Visa, Mastercard, and banks conspired to fix interchange fees and prohibit merchants from steering customers to cheaper payment methods.
Who's affected
Merchants that accepted Visa/Mastercard since 2004. Merchants (not consumers) that accepted Visa or Mastercard. No claims are currently open — the prior settlement was rejected and litigation over a revised arrangement continues.
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