Merchants have received $631.7 million from a multi-billion dollar class-action antitrust lawsuit settlement with payment networks Visa and Mastercard, according to a court filing submitted by class administrator Epiq to the U.S. District Court in Brooklyn, New York.
The Bottom Line
- Total Payouts: Epiq reports that 689,340 merchants have collected funds to date from the ongoing antitrust litigation.
- Second Distribution: A second partial distribution that commenced last month contributed $212.8 million to the total sum, covering approximately 84,000 merchant claimants.
- Remaining Capital: Following these disbursements, the settlement fund held $5.02 billion as of September 30.
The Origins of the Interchange Fee Litigation
The payouts stem from a long-running legal battle in which U.S. businesses alleged that Visa and Mastercard charged excessive interchange fees whenever customers utilized credit or debit cards. The plaintiff class comprises any U.S. business that accepted Visa or Mastercard-branded cards between January 1, 2004, and January 25, 2019.
The damages portion of the case achieved a settlement in 2018 and earned final approval from a federal judge the following year, though subsequent appeals prolonged the timeline. By the February 2025 filing deadline, approximately 1.47 million merchants had submitted claims, representing about 2.12 million registered business tax identification numbers eligible for a potential payout.
Court Oversight and Distribution Milestones
District Judge Brian Cogan approved the second distribution in June, paving the way for the recent wave of disbursements handled by Epiq. Last week, U.S. Magistrate Judge Joseph Marutollo approved Epiq’s request for $21.4 million to cover administrative work performed between April and August.
The next quarterly report regarding claims is scheduled for filing in January. Meanwhile, Judge Cogan has scheduled a hearing for next month concerning the second phase of the litigation—a proposed settlement addressing injunctive relief. While card networks and plaintiffs’ attorneys support this measure, several prominent merchants, including Walmart, Circle K, and DoorDash, have formally opposed it and urged the court to reject the terms.
Distribution Financial Overview
| Metric | Figure |
|---|---|
| Total Merchant Disbursements to Date | $631.7 million |
| Merchants Paid So Far | 689,340 |
| Second Distribution Payout Amount | $212.8 million |
| Remaining Settlement Fund Balance (As of Sept. 30) | $5.02 billion |
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
