Visa Mastercard Equitable Relief Settlement-November 2025 Update

In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation (1:05-md-01720)

In March 2024, Visa and Mastercard proposed a groundbreaking Equitable Relief Settlement to implement changes to network rules and benefit U.S. merchants through surcharging flexibility and rate caps. The court denied preliminary approval in June 2024, finding that the proposed relief was insufficient and that networks could likely withstand a greater judgment.

Amended Settlement – November 2025

On November 10, 2025, Visa, Mastercard, and representatives of a class of potentially millions of merchants announced an amended settlement that addresses the Court’s prior concerns and significantly expands relief. Key updates include:

• The settlement focuses solely on injunctive/equitable relief, requiring Visa and Mastercard to make broad changes to network rules over the next five years.

  
  

• Merchants will gain greater flexibility in which cards they accept, including the ability to not accept high-cost premium or commercial cards.

  
  

• Merchants may surcharge credit cards up to 3%, regardless of whether they also accept or surcharge American Express or other competing cards.

  
  

• Rate reductions and caps will benefit all merchants, regardless of whether they pay posted or negotiated rates.

  
  

• Preliminary estimates suggest the amended settlement could save merchants well over $200 billion over the life of the agreement.

How Does this Settlement Differ from the $5 billion Payment Card Settlement?

Unlike the separate $5 billion monetary settlement, which provides payments to eligible merchants for alleged overpayment of interchange fees, this settlement requires no action or claim filing, relief will be automatic once the settlement is approved.

The amended settlement is currently pending preliminary approval and final approval is expected in late 2026 or early 2027. Once approved, the changes will become effective and remain in place for the duration of the settlement.

This proposed settlement marks a major development in the long-running litigation against Visa and Mastercard, providing U.S. merchants with real, practical benefits.

Re: $5.54B Monetary Settlement – Payment Card Settlement

Payment Card Settlement Disclaimer: The claims filing deadline of February 4, 2025 has passed. No-cost assistance is available from the Class Administrator and Class Counsel. No one is required to sign up with any third-party service in order to participate in any monetary relief. For additional information regarding the status of the litigation, interested persons may visit  http://www.paymentcardsettlement.com, the Court-approved website for this case.