title: United States — Legal & Litigation | World Payments Monitor canonical: https://payments.gi/jurisdictions/united-states/w7/ publisher: Asymmetric Intelligence ### W7 Legal & Litigation Probable confirmed 2026-06-20 The defining US payments litigation is the ~20-year Payment Card Interchange Fee and Merchant Discount Antitrust Litigation (MDL 1720) over Visa/Mastercard swipe fees. A revised ~$38bn settlement announced November 10, 2025 (cutting posted credit interchange by 0.1pp for five years, capping standard consumer cards at 1.25% for eight years, and expanding surcharging rights) drew heavy merchant opposition and faces 2026 damages trials. Separately, Regulation II's debit standard was vacated by a district court in August 2025 (stayed pending appeal). Horizon · 2026-Q2 (± a year) MDL 1720 settlement approval and 2026 damages trials_Consultation · Tier 3 source_ Horizon · 2026-Q2 (± a year) MDL 1720 settlement approval and 2026 damages trials_Consultation · Tier 3 source_ Standing sub-brief · as of 4 July 2026 257 words · last cycle 2026-06-20 #### Legal & Litigation The Payment Card Interchange Fee Antitrust Litigation (MDL 1720) reached a revised approximately $38bn settlement announced November 10, 2025. The settlement lowers swipe fees by 0.1 percentage points for five years, caps standard consumer rates at 1.25% for eight years, and expands surcharging rights up to 3%. It has drawn heavy merchant opposition and faces 2026 damages trials. Visa and Mastercard are the defendants; the NRF and NACS are among the merchant objectors. This is a scheme-level matter affecting both bank and non-bank participants in the card ecosystem. The commercial stakes are foundational. US swipe fees totalled $111.2bn in 2024, up from $100.8bn in 2023, and this roughly 20-year antitrust saga and its settlement directly determine interchange economics for the entire merchant base. Merchant groups condemned the settlement, December 2025 brought retailer objections, and two 2026 damages trials are scheduled — an April trial in New York involving 7-Eleven, Dick's and Nike, and a September trial in Chicago led by GrubHub. This litigation, alongside the Regulation II debit-standard vacatur tracked under W4, forms the largest commercial-stakes payments litigation set in the US. #### Outlook A federal judge is expected to consider the revised approximately $38bn settlement in 2026, with the April New York and September Chicago damages trials as the key procedural milestones, at an expected window around the second quarter. The trajectory is escalating, driven by the contested nature of the settlement and the parallel Regulation II appeal. This finding is sourced from quality journalism and Tier-3 reporting and is asserted at Assessed confidence. Periodic update · new data 2026-07-10 #### Legal & Litigation Card-network litigation reached a pivotal moment in the period. The roughly two-decade Payment Card Interchange Fee Antitrust Litigation, known as MDL 1720, produced a revised settlement of approximately $38bn, announced November 10, 2025. The revised terms would lower swipe fees by 0.1 percentage points for five years, cap standard consumer card rates at 1.25% for eight years, and expand merchant surcharging rights up to 3%. The settlement has drawn heavy merchant-side opposition, with the National Retail Federation and NACS among the objectors that formally opposed the terms in December 2025 filings. Two damages trials are now scheduled for 2026: one in April in New York, with 7-Eleven, Dick's Sporting Goods and Nike among the plaintiffs, and one in September in Chicago, led by GrubHub. The commercial stakes are substantial: US swipe fees totalled $111.2bn in 2024, up from $100.8bn in 2023, meaning the settlement terms and the outcome of the 2026 damages trials will directly determine interchange economics across the entire US merchant base. #### Outlook The settlement's judicial approval process and the two scheduled 2026 damages trials are the key events to track; continued merchant-side opposition suggests the settlement's terms may still be contested even if preliminarily approved, extending the roughly twenty-year litigation saga further into 2026 and potentially beyond. 1 further periodic run re-emitted the standing brief unchanged and is not shown. **Sources and findings (4)** 1. T3 The Daily Record / CNBC — On November 10, 2025 Visa and Mastercard announced a revised settlement in MDL 1720 (litigation dating to 2005) lowering swipe fees by 0.1 percentage point for five years, capping standard consumer rates at 1.25% for eight years, and granting expanded surcharging rights up to 3%. 2. T3 Payments Dive — Merchant groups (NRF, NACS) condemned the settlement; in December 2025 retailers filed objections alleging it perpetuates the interchange conspiracy and grants excessive antitrust immunity; a federal judge is expected to consider it in 2026. 3. T3 Payments Dive — Visa and Mastercard face two damages trials in 2026 — the first in April in New York (merchants including 7-Eleven, Dick's, Nike) and a second in September in Chicago led by GrubHub. 4. T3 The Daily Record / CNBC — US swipe fees totaled $111.2bn in 2024 (up from $100.8bn in 2023, quadruple 2009 levels) per the NRF, underscoring the commercial stakes of the litigation.