Court upholds release in Visa interchange class case; merchants appeal

Visa's annual report for fiscal 2026 describes a September 29, 2026 ruling by the federal district court in the interchange multidistrict litigation. The court held that the forward-looking release in the amended U.S. merchant settlement is valid, and it denied the merchants' motion for reconsideration and their motion to enforce. Three merchants in the damages class then filed a notice of appeal on October 1, 2026. The development keeps a significant legal question open for shareholders: whether a settlement release can bind merchants to future claims. The filing also notes that other interchange cases, including UK claims and a separate U.S. class action, remain pending.

1. Fiscal 2026 Form 10-K reports a September 29, 2026 district court finding that the forward-looking release is valid.
2. The court denied the merchants' motion for reconsideration and Visa's motion to enforce the amended settlement agreement, per the filing.
3. Three merchants in the damages class filed a notice of appeal on October 1, 2026.
4. The merchants had moved for partial summary judgment on April 21, 2026, arguing the forward-looking release is unenforceable under federal law.
5. Separate UK High Court interchange claims by European merchants were filed from April 2026, with more added in May and June 2026.
6. The estimated interchange reimbursement fees at issue in unresolved U.S. damages claims were stated as $17.4 billion as of May 11, 2026, per a Form 8-K.