Walmart on September 14, 2026, the court’s deadline, filed a 299-page objection to the interchange fee settlement that Visa and Mastercard reached with US merchants. The retailer, joined by Circle K and the National Association of Convenience Stores (NACS), asked US District Judge Brian Cogan in Brooklyn to reject the deal or let it opt out. Walmart argues the settlement gives Visa, Mastercard and large banks “sweeping” immunity while offering merchants “temporary and meager relief.”
What the settlement offers merchants
| Measure | Scope | Duration |
|---|---|---|
| Cut in the average effective credit interchange rate | 10 basis points (0.10 percentage point) | 5 years |
| Cap on interchange for standard consumer credit cards | 1.25% | 8 years |
| Right to decline some premium and commercial cards | an exception to the honor-all-cards rule | as set by the settlement |
| Broader surcharging and discounting rights | to steer customers to a cheaper payment method | as set by the settlement |
Walmart’s case rests less on the size of the fee cuts than on how long they last and how much merchants give up in exchange: the right to sue, in a market where card acceptance costs have climbed year after year.
More than 1,000 objectors, from DoorDash to General Motors
A separate group of 29 companies, including DoorDash and General Motors, also filed an objection. More than 900 merchants and trade associations had filed theirs on September 10, and the National Retail Federation and the Retail Industry Leaders Association filed on September 14. In all, the objectors number more than 1,000.
The opt-out request is Walmart’s heaviest weapon. A merchant of its size that won the right to leave the class could sue on its own, with resources to match the networks’, which is exactly what the settlement is designed to prevent.
The Chicago opt-out case closes the same day
Also on September 14, US District Judge Edmond Chang in Chicago formally closed the case brought by merchants, including Grubhub, that had opted out of the networks’ 2012–2013 settlement. The last three plaintiffs, Belk, BJ’s Wholesale Club, and Uline, settled the week before, days ahead of the scheduled trial. Terms were not disclosed.
The final approval hearing is set for November 16, 2026. If the settlement is approved, the fight over US card acceptance costs will shift to Congress. If it is rejected, litigation that began in 2005 will go on for years.