Visa said it reached a proposed settlement on November 10, 2025 that resolves claims against the company, Mastercard and other defendants brought by the injunctive relief class. The case is part of In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation.

8-KOther EventsFiled Nov 10, 2025Period of report Nov 10, 2025Summary published (UTC) Oct 14, 2026

Key points

AI summary

Visa said it reached a proposed settlement on November 10, 2025 that resolves claims against the company, Mastercard and other defendants brought by the injunctive relief class. The case is part of In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation.
The company said the settlement provides for a reduction of the U.S. combined average effective credit interchange rate by 10 basis points for 5 years and caps posted U.S. credit interchange rates for 5 years. Standard U.S. consumer credit rates will be capped at 125 basis points for the term of the agreement.
Visa said the settlement gives merchants more options to surcharge, including merchants that do not surcharge other credit networks. Under the Honor All Cards provision, it said merchants can choose whether to accept U.S. credit cards in the commercial, premium consumer and standard consumer categories.
The company said the settlement includes a merchant education program on payment acceptance and cost management for merchants of all sizes. The settlement agreement is subject to court approval, and the company cited the timing and outcome of the court approval process as a factor that could cause actual results to differ.

Summary

AI-written

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.

Visa reaches proposed settlement on November 10, 2025

Visa said it reached a proposed settlement on November 10, 2025 that resolves claims against the company, Mastercard and other defendants brought by the injunctive relief class. The case is part of In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation.

Source · Based on the filing body (exhibits excluded)

Interchange rate cut and cap terms

The company said the settlement provides for a reduction of the U.S. combined average effective credit interchange rate by 10 basis points for 5 years and caps posted U.S. credit interchange rates for 5 years. Standard U.S. consumer credit rates will be capped at 125 basis points for the term of the agreement.

Source · Based on the filing body (exhibits excluded)

Additional merchant options

Visa said the settlement gives merchants more options to surcharge, including merchants that do not surcharge other credit networks. Under the Honor All Cards provision, it said merchants can choose whether to accept U.S. credit cards in the commercial, premium consumer and standard consumer categories.

Source · Based on the filing body (exhibits excluded)

Court approval required and merchant education

The company said the settlement includes a merchant education program on payment acceptance and cost management for merchants of all sizes. The settlement agreement is subject to court approval, and the company cited the timing and outcome of the court approval process as a factor that could cause actual results to differ.

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.

Original filing

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