Judge Rejects the $30 Billion Visa and Mastercard Settlement

A U.S. district judge rejected a $30 billion antitrust settlement between Visa, Mastercard, and merchants, ruling that the proposed limits on "swipe fees" were insufficient.

The decision—applauded by major retail groups who argued the deal offered only temporary relief—now potentially forces the credit card giants to negotiate more favorable terms or face a federal trial.

When Judge Margo Brodie tossed out the $30 billion Visa Mastercard swipe fee accord in June 2024, she found its savings paltry and merchants still stuck under the Honor All Cards rule. The networks answered in November 2025 with a revised $38 billion deal, and this June Judge Brian Cogan granted preliminary approval covering more than 12 million merchants, calling it fair, reasonable and adequate while conceding many objector arguments had merit Reuters. Swipe fees reached $118.8 billion in 2025, the National Retail Federation calls the new deal meaningless relief, and appeals could push full effect toward 2029 American Banker.