For anyone who has followed payments industry equities or competitive dynamics over the past two decades, yesterday’s ruling from Judge Brian Cogan felt like a long-exhaled breath. After 21 years of litigation, multiple failed settlement attempts, and a high-profile 2024 rejection, the Visa/Mastercard merchant interchange lawsuit finally has a path forward. Judge Cogan granted preliminary approval of the amended settlement on June 9, 2026 — and on balance, this is good news for the networks, for merchants, and for the broader ecosystem.