Mastercard said on November 10, 2025 it and its operating subsidiary Mastercard International Incorporated have entered into an updated Class Settlement Agreement with court-appointed counsel for an injunctive rules relief class of merchants. Visa Inc., Visa U.S.A Inc. and Visa International Service Association are also parties to the Agreement.

8-KOther EventsFiled Nov 10, 2025Period of report Nov 10, 2025Summary published (UTC) Oct 12, 2026

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Mastercard said on November 10, 2025 it and its operating subsidiary Mastercard International Incorporated have entered into an updated Class Settlement Agreement with court-appointed counsel for an injunctive rules relief class of merchants. Visa Inc., Visa U.S.A Inc. and Visa International Service Association are also parties to the Agreement.
Mastercard said it and Visa agree to provide a 10 basis points reduction in the average systemwide effective interchange rate on U.S.-issued consumer credit and commercial credit transactions at U.S. merchant locations. The company said the interchange reduction is designed to effectively serve as a cap for a period of 5 years.
Mastercard said the Agreement enables merchants to make decisions on independently accepting consumer credit and commercial credit cards, and within consumer credit, merchants would have additional flexibility in their decisions to accept standard and premium credit cards, but would not be able to discriminate between the same level of cards issued by different financial institutions. It added that simplified surcharging rules designed to replace standards updated in 2012 also apply.
Mastercard said the Agreement is subject to final approval by the Eastern District Court of New York, and upon final approval of the class settlement by the court, it will have resolved all pending U.S. merchant litigations directed at seeking changes to its interchange structure and merchant acceptance rules. The company said it does not admit to any improper conduct with respect to the plaintiffs' allegations, and all rules practice changes will occur after approval of the Agreement, which is expected to occur most likely in late 2026 or early 2027.

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Analysis scope · Filing body only (exhibits excluded)We analyzed the filing body only. The exhibits exceeded the length limit and were excluded, so figures, financial statements and presentation materials in them were not reviewed.

Class Settlement Agreement Entered Into

Mastercard said on November 10, 2025 it and its operating subsidiary Mastercard International Incorporated have entered into an updated Class Settlement Agreement with court-appointed counsel for an injunctive rules relief class of merchants. Visa Inc., Visa U.S.A Inc. and Visa International Service Association are also parties to the Agreement.

Source · Based on the filing body (exhibits excluded)

Interchange Rate Reduction of 10 basis points and 5-Year Cap

Mastercard said it and Visa agree to provide a 10 basis points reduction in the average systemwide effective interchange rate on U.S.-issued consumer credit and commercial credit transactions at U.S. merchant locations. The company said the interchange reduction is designed to effectively serve as a cap for a period of 5 years.

Source · Based on the filing body (exhibits excluded)

Card Acceptance Flexibility and Simplified Surcharging Rules

Mastercard said the Agreement enables merchants to make decisions on independently accepting consumer credit and commercial credit cards, and within consumer credit, merchants would have additional flexibility in their decisions to accept standard and premium credit cards, but would not be able to discriminate between the same level of cards issued by different financial institutions. It added that simplified surcharging rules designed to replace standards updated in 2012 also apply.

Source · Based on the filing body (exhibits excluded)

Court Final Approval Conditions and Timing

Mastercard said the Agreement is subject to final approval by the Eastern District Court of New York, and upon final approval of the class settlement by the court, it will have resolved all pending U.S. merchant litigations directed at seeking changes to its interchange structure and merchant acceptance rules. The company said it does not admit to any improper conduct with respect to the plaintiffs' allegations, and all rules practice changes will occur after approval of the Agreement, which is expected to occur most likely in late 2026 or early 2027.

Source · Based on the filing body (exhibits excluded)

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

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