Barry v Visa: Proposed Settlement in the Credit Card Markets

Case Study

On November 11, 2025, a proposed settlement emerged in the credit card markets after more than 20 years of litigation. Merchants, who are the plaintiffs in this case, allege that Visa and Mastercard conspired to establish rules that constitute an illegal restraint of trade. If the court accepts this proposed settlement, an intriguing outcome may arise: some merchants could choose to accept certain credit cards while rejecting others, even if they belong to the same brand. For instance, a merchant might accept a Visa standard card but decline a Visa premium card. In this post, we will discuss the details of this settlement.