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Judge Approves $38B Visa, Mastercard Settlement, Cuts Swipe Fees

6/10/2026

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Summary

Cogan Approves Settlement

U.S. District Judge Brian Cogan in New York gave preliminary approval to Visa’s and Mastercard’s $38 billion settlement.
The settlement reduces swipe fees by 0.1 percentage point for five years and caps consumer-card rates at 1.25 %.
Merchants may now decline entire card categories and impose surcharges on customers.
Judge Cogan said the settlement could save merchants $38 billion by 2031 and generate $224 billion, despite objections from retailers such as Walmart.

Summary

Cogan OKs $200B

The settlement total was announced as $200 billion, up from the previously rejected $30 billion proposal.
Judge Cogan said a full trial could last four to eight weeks, requiring merchants to prove an adverse effect on competition citing a 2021 appeals-court ruling.
The National Association of Convenience Stores will appeal the final approval to the 2nd Circuit U.S. Court of Appeals, in a swipe-fee case that dates back to October 2005.

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Cogan Approves Settlement

U.S. District Judge Brian Cogan in New York gave preliminary approval to Visa’s and Mastercard’s $38 billion settlement.
The settlement reduces swipe fees by 0.1 percentage point for five years and caps consumer-card rates at 1.25 %.
Merchants may now decline entire card categories and impose surcharges on customers.
Judge Cogan said the settlement could save merchants $38 billion by 2031 and generate $224 billion, despite objections from retailers such as Walmart.

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