Visa and Mastercard Settlement: Three Cases, Only One Open to Consumers
Questions about this case?
AI Legal Assistant · free · answers in seconds · general information, not legal advice
The Visa and Mastercard settlement in the news is about the swipe fees businesses pay, not about cardholders. A $5.54 billion fund is being paid out to merchants who filed by February 4, 2025 — that deadline has passed. A second, no-cash deal that would change card fees and rules got preliminary approval on June 9, 2026 and still needs final approval. The one claim form a consumer can file right now is the separate $167.5 million ATM-fee settlement, due February 10, 2027.
Editorially Reviewed — Content reviewed for accuracy using published legal research, government data, and verified court records. See our methodology
Reviewed by Leonard Goldberg, Editor · Last updated
What the Merchant Lawsuits Say
Every time you pay with a Visa or Mastercard, the store pays an interchange fee to the bank that issued your card. Since 2005, merchants have alleged that Visa, Mastercard and the big issuing banks fixed those fees and protected them with network rules — above all the “honor all cards” rule, which forces a store that takes one Visa credit card to take every Visa credit card, including expensive premium rewards cards.
The case produced two separate settlements. The damages settlement ($5.54 billion) pays money to merchants for fees paid from January 1, 2004 to January 25, 2019. The equitable relief settlement pays no money; it would change fees and rules going forward. Visa and Mastercard have not admitted the allegations.
A new class action lawsuit Visa, Mastercard and five banks face, filed September 30, 2026, alleges the same conduct continued after January 25, 2019 — the period the cash settlement does not cover.
Case Details
The main case is In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL No. 1720, No. 1:05-md-01720 in the U.S. District Court for the Eastern District of New York, filed October 20, 2005. It is assigned to Judge Brian M. Cogan, with Magistrate Judge Joseph A. Marutollo; the court-appointed claims administrator for the cash fund is Epiq. The official site is paymentcardsettlement.com.
The newer suit is The Pizza Standard LLC v. Visa Inc. et al., No. 1:26-cv-06087, a Sherman Act class action filed in New York on September 30, 2026 against Visa, Mastercard, Bank of America, Capital One, Chase, Citibank and Wells Fargo.
The ATM-fee case is a different matter entirely; see our report on the $167.5 million ATM surcharge settlement claim form.
Status as of October 2026: One Fund Paying, One Deal Pending
2. The equitable relief settlement: preliminarily approved, not final. Judge Cogan granted preliminary approval on June 9, 2026. Class counsel moved for final approval on July 15, and 978 merchants and trade groups filed objections on September 10. Trade press reports a fairness hearing for November 16, 2026; we could not verify that date on the docket. Nothing in the deal is in force yet, and the convenience-store association NACS has said it will appeal to the Second Circuit if final approval is granted.
3. Pizza Standard v. Visa: just starting. Filed September 30, 2026. No settlement, no fund, no claim form.
Who Is Affected — and Who Is Not
If you are a cardholder: you are not a class member in MDL 1720. Both of its settlements belong to businesses that accepted Visa or Mastercard. There is no consumer claim form, no consumer payment and nothing to sign. If you paid a surcharge at a non-bank ATM, that is the ATM fee claim — a separate case.
If you own a business: the cash fund covers U.S. businesses that accepted Visa or Mastercard cards between January 1, 2004 and January 25, 2019 and filed by February 4, 2025. Claim forms went to about 18.6 million merchants. If you filed, check your status on the official site's merchant portal.
The equitable relief class covers every business that accepted the cards in the U.S. from December 18, 2020 to the preliminary-approval date. It is a Rule 23(b)(2) class: no one can opt out, and there is nothing to claim. The Pizza Standard suit proposes a class of merchants that accepted Visa or Mastercard credit cards from January 25, 2019 onward; no class has been certified.
What It Pays — and to Whom
Merchants with a timely claim: payments are pro rata — your share of the fund equals your validated interchange fees relative to everyone else's. There is no fixed per-merchant amount. As of the July 2026 Epiq update, 40,208 claims were before a court-appointed special master and about 13,000 tax ID numbers were in conflict, so many payments are still pending.
The new fee deal pays no cash. If finally approved, it would cut credit interchange rates by 10 basis points for five years, cap standard consumer credit cards at 1.25% for eight years, and let merchants decline premium and commercial credit cards. Pizza Standard has no money attached; it is an unproven complaint.
How cases like this one end
Our copy of the federal courts’ own case database covers 6,659 antitrust casesclosed in U.S. federal district courts between 2015 and 2025, 37.3% of them filed as class actions:
- 19.7% ended in a settlement recorded by the court. Another 14.4% were dismissed voluntarily, which often follows a private settlement — so the real settlement share sits between 19.7% and 34.1%.
- 11.6% were decided on a motion before any trial.
- 1 in 121 reached a trial (0.8%), after a median of 37 months.
- Median time from filing to the end of the case: 12.3 months.
- Almost none record a money award in this data (32 of 6,659), and the recorded figures are capped, so we do not publish an average.
These are base rates for this type of case (federal antitrust cases) — not a prediction about this lawsuit, and not legal advice. Source: Federal Judicial Center, Integrated Database (civil), analysed by Settlement Insight. Cases heard in state courts are not included.
Visa and Mastercard Class Action Settlement Timeline
- 1
October 20, 2005 — Merchants Sue
The swipe-fee cases are consolidated in Brooklyn as MDL 1720. An earlier settlement was overturned by the Second Circuit in 2016.
- 2
December 2019 — $5.54 Billion Approved
The damages settlement for fees from 2004 to January 25, 2019 receives final approval; it becomes final after appeals in 2023.
- 3
February 4, 2025 — Claim Deadline Passes
The last day merchants could file a claim. Late claims are not guaranteed to be considered.
- 4
October 2025 — First Payments Approved
The court approves the initial distribution. About $414 million reaches about 598,000 merchants by May 2026.
- 5
June 2026 — Fee Deal and Second Payout Approved
June 9: preliminary approval of the no-cash equitable relief settlement. June 15: a second distribution is approved, scheduled for September 2026 (payment not confirmed).
- 6
September 30, 2026 — New Merchant Suit Filed
Pizza Standard v. Visa (1:26-cv-06087) targets fees after January 25, 2019. A fairness hearing on the fee deal is reported for November 16, 2026.
Three Traps Around This Case
Billions of dollars, millions of merchants and a famous brand name make this case a magnet for imposters:
“We can still file your claim” services
The filing deadline was February 4, 2025. Payments Dive reports the process has been marred by fraudulent and noncompliant claims, many solicited by third parties. No one has to sign up with any service to receive money; the administrator and class counsel help at no cost.
“Your Visa settlement check” texts to cardholders
Cardholders are not in the merchant case, so a message promising a consumer payout from the Visa settlement — and asking for your card number to send it — is phishing. No administrator needs your card number or CVV.
Look-alike ATM-fee claim pages
The real consumer claim is the separate $167.5 million ATM-fee settlement. It requires no receipts and no fee. A site charging to “file” it or asking for your PIN is not the administrator.
Visa Mastercard Settlement — Questions People Actually Ask
Is the Visa Mastercard settlement for consumers?
No. The Visa and Mastercard class action settlement in MDL 1720 covers businesses that accepted the cards, not cardholders. Consumers have no claim in it. The only open Visa class action claim for consumers is the separate ATM surcharge case.
Can I still file a claim in the $5.54 billion settlement?
No. The claim deadline was February 4, 2025 and has passed. Merchants who filed are being paid in stages; check your status on the official site.
When will merchants get paid?
In stages. About $414 million went to about 598,000 merchants by May 2026. On June 15, 2026 the court approved a second distribution of at least $182 million to about 84,000 claimants, scheduled for September 2026; we could not confirm from the official site that it has been paid. Disputed claims take longer.
What is the new Visa and Mastercard swipe-fee settlement?
The equitable relief settlement, signed November 10, 2025 and preliminarily approved June 9, 2026. It pays no money. If finally approved, it would cut interchange rates and let merchants refuse premium and commercial credit cards. 978 objectors oppose it.
Can a merchant opt out of the fee settlement?
No. It is a Rule 23(b)(2) class from which no exclusions are permitted. Merchants can object, but if the court enters judgment, the new rules apply to every merchant account.
What is the new class action lawsuit Visa Mastercard and banks face?
People searching for a “class action lawsuit Visa Mastercard” since late September 2026 often mean The Pizza Standard LLC v. Visa Inc., filed September 30, 2026. It alleges the networks and five banks kept fees inflated after January 25, 2019. It is only a complaint: no settlement, no claim form.
Is the Visa Mastercard class action about ATM fees the same case?
No. The $167.5 million ATM surcharge settlement covers people who paid a fee at a non-bank ATM between October 24, 2007 and August 14, 2026. Claims are due February 10, 2027. See our ATM settlement report and the list of open class action settlements.
How do I know a settlement email is real?
For the merchant case, the court-approved website is paymentcardsettlement.com and the administrator is Epiq. A real notice never charges a fee or asks for a card number. If in doubt, go to the official site directly instead of clicking a link.
Separate from this case: were you injured in the last 2 years?
Class-action payouts are fixed amounts through an administrator. A personal injury claim is a different case — and often worth far more. Free estimate, no obligation.
Related Consumer Brand Lawsuits
ATM Fee Class Action Claim Form
The consumer claim against Visa and Mastercard over ATM surcharges
Open Class Action Settlements
Settlements you can still file a claim in, with deadlines
Settlement Payout Calculator
Estimate what a pro rata class action payment might be
Settlements With No Proof Needed
Open claims that do not require receipts