Superseding and Amended Class Settlement Agreement of the Rule 23(b)(2) class plaintiffs and the defendants was made on the 10th day of November 2025. The Rule 23(b)(2) class plaintiffs, individually and as representatives of the class, entered into the agreement with the Visa defendants and the Mastercard defendants.
The initial class action complaint was filed on June 22, 2005, subsequently consolidated for pretrial proceedings with additional putative class actions and individual plaintiff actions. A definitive class settlement agreement was filed with the court on October 19, 2012, seeking certification of settlement classes under federal rules of civil procedure 23(b)(3) and 23(b)(2).
On June 30, 2016, the United States Court of Appeals for the Second Circuit vacated the court’s class certification and approval of the definitive class settlement agreement. This led to further proceedings, and on March 31, 2017, interim co-lead counsel for the putative Rule 23(b)(2) class filed an action, seeking class certification pursuant only to federal rule of civil procedure 23(b)(2).
As a result of arm’s-length negotiations, a Rule 23(b)(2) class settlement agreement was filed with the court on March 26, 2024. However, the court denied preliminary approval on June 25, 2024, leading to further negotiations and mediation sessions.
The superseding and amended class settlement agreement was reached after the prospect of continued litigation and further arm’s-length negotiations conducted since August 2024, including numerous mediation sessions before the honorable James Orenstein.
The agreement, subject to court approval, aims to put to rest all injunctive and related declaratory relief claims alleged in the original action, and to avoid the burden, expense, risk, and uncertainty of continuing to litigate the class plaintiffs’ claims.
The agreement states that the Rule 23(b)(2) class plaintiffs and their experts have contended that even with effective reform of the challenged rules, "the [competitive] adjustment will still require a significant period of time to reach the new more competitive equilibrium." They have also contended that during this period, "It will be necessary for the court to supervise the implementation of the maximum merchant fees."
The agreement includes definitions for various terms, such as "applicable domestic credit transactions," "attorneys’ fees and expenses," and "bank defendants."
The press release did not specifically provide any financial or performance metrics related to the settlement agreement. Following these announcements, the company's shares moved -0.41%, and are now trading at a price of $549.71. For the full picture, make sure to review Mastercard Inc's 8-K report.
