Key takeaway: Merchants eligible for the interchange settlement should expect more payment rounds, instead of a single lump sum. They should also watch next month’s hearing closely. Its outcome will shape future interchange-fee rules, separate from the damages payouts already underway.
Merchants have received about $631.7 million so far under the $5.5 billion Visa-Mastercard card-swipe-fee settlement. Class administrator Epiq reported the total in a filing with the U.S. District Court in Brooklyn, New York.
Epiq has paid 689,340 merchants to date. That includes $212.8 million Epiq distributed last month in a second partial payout round, which covers roughly 84,000 claimants.
The settlement resolved claims that Visa and Mastercard charged merchants excessive interchange fees. The claims covered card transactions between Jan. 1, 2004, and Jan. 25, 2019. As of Sept. 30, the settlement fund held $5.02 billion, a figure separate from the $5.5 billion total settlement amount.
About 1.47 million merchants filed claims by a February 2025 deadline. That compares with 2.12 million registered merchant tax IDs eligible for a payout.
Why it matters: The payout pace matters because it shows real progress. Courts are moving one of the largest interchange claims in history through to actual merchant payments, not just settlement headlines.
A separate fight continues over forward-looking injunctive relief. That part of the case would change how interchange fees work going forward. Walmart, Circle K and DoorDash are among the large merchants opposing the proposed injunctive-relief settlement. The card networks and class attorneys support it. U.S. District Judge Brian Cogan has scheduled a hearing on that settlement for next month.
Source: Payments Dive