Approval of Merchant Litigation Settlement Is a Positive

Research evidence excerpt

Approval of Merchant Litigation Settlement Is a Positive

Equity Research

Flash Comment — June 9, 2026

Payments, Processors, and IT Services

Approval of Merchant Litigation Settlement Is

a Positive

Our Call Jason Kupferberg

Earlier, US District Judge granted preliminary approval of the amended merchant Equity Analyst | Wells Fargo Securities, LLC

Jason.Kupferberg@wellsfargo.com | 212-214-5457

litigation settlement proposed in Nov. '25. We view this as positive for V/MA, removing an

Melissa Chen, CFAoverhang and putting to bed a 20+ year litigation on reasonable terms.

Associate Equity Analyst | Wells Fargo Securities, LLC

Melissa.Chen@wellsfargo.com | 212-214-5346

Initial Thoughts Cassie Chan

Equity Analyst | Wells Fargo Securities, LLC

Preliminary approval should be + for V/MA. Earlier, US District Judge Brian Cogan Cassie.Chan@wellsfargo.com | 212-214-5331

granted preliminary approval of the amended settlement, concluding that the revised Tyler DuPont, CFA

settlement terms (proposed in Nov. '25) sufficiently address the Court's prior concerns, Associate Equity Analyst | Wells Fargo Securities, LLC

which led to the June '24 rejection of the first proposed settlement. Amid investor Tyler.J.Dupont@wellsfargo.com | 212-214-5431

debates around AI/stablecoin implications, which have weighed on V/MA multiples, this

news should help alleviate some regulatory/litigation overhang.

Final approval is expected. The opinion states that the Court is likely to grant final

approval of the settlement. While this should put the case to bed, it's possible that certain

merchants could challenge the decision in Appellate Court. This scenario played out in

'13 when this litigation was in its initial iteration (before a different judge, who approved