V/MA: Merchant Settlement Prelim Approval + Interchange Wins; Overhangs Abating

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V/MA: Merchant Settlement Prelim Approval + Interchange Wins; Overhangs Abating

TD SECURITIES (USA) LLC QUICK TAKE: INDUSTRY UPDATE

June 9, 2026

■Computer Services & IT Consulting V/MA: Merchant Settlement Prelim Approval +

■Diversified Financials: Consumer Finance

■Payments Interchange Wins; Overhangs Abating

Bryan C. Bergin, CFA THE TD COWEN INSIGHT

646 562 1369

Preliminary approval of $38B merchant swipe fee settlement is a meaningful step toward

bryan.bergin@tdsecurities.com

easing a long-standing legal overhang. Coupled w/ recent State interchange wins (CO, IL), the

Moshe Orenbuch backdrop is shifting more favorably. We expect limited direct impact to V/MA, as proposed

646 562 1495 changes primarily affect issuers. Street focus should revert to solid fundamentals & recent

moshe.orenbuch@tdsecurities.com

investment in payments innovation.

David Duka

646 562 1444 What Happened?

david.duka@tdsecurities.com

■Prelim Settlement Approval: A judge granted preliminary approval to V/MA's revised $38B

Hoang Nguyen, CFA settlement of the interchange fee class action suit, after a prior $30B offer was rejected

646 562 1337 (future projected savings for merchants). This provisional court nod is a major milestone

hoang.nguyen2@tdsecurities.com towards finalizing the deal, with a formal fairness hearing and final approval decision

ahead.

■Key Settlement Terms: The deal requires a ~0.10% reduction in avg US credit interchange

fees for 5 years (vs. ~0.07% in the earlier rejected deal) and caps standard consumer card

interchange at ~1.25% for 8 years. Further, the amended settlement repeals the Honor All

Cards rule, allowing merchants to choose which categories of cards (standard, premium,

commercial) to accept and to impose expanded surcharging. That said, merchants would