Case Number
District
Petition Date
Est. Duration
Est. Assets
Est. Creditors
Est. Liabilities
Type of case
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Visa/Mastercard
 claims on ºÚÁÏÍø
Current Max Price
2.10
+5.00
 (Last 7 days)
Volume Traded
$1.5B
100
 total claims
View claims
upto
95.00
-0.97%
|
$5.3B
upto
62.13
-1.5%
|
$0.4B
upto
110.00
+2.5%
|
$2.5B
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Visa Mastercard Interchange Fee Settlement
Background
The Visa-Mastercard Interchange Fee and Merchant Discount Antitrust Litigation (MDL No. 1720), initiated in 2005, is a landmark class-action lawsuit alleging that Visa, Mastercard, and their member banks violated antitrust laws by setting excessive interchange fees (swipe fees) and enforcing anti-competitive rules. These rules, including no-surcharge and honor-all-cards policies, allegedly inflated fees for merchants accepting Visa and Mastercard payments from January 1, 2004, to January 25, 2019. The settlement, approved by the U.S. District Court for the Eastern District of New York in 2019 and affirmed by the Second Circuit in March 2023, provides a $5.54 billion fund to compensate eligible U.S. merchants.
Case Details
Current Market Pricing
(% of account balances)
FTX Customer Claims
FTX Customer Claims
$1.0M+
140 - 145%
$150K - $1.0M
125 - 140%
Less than $150K
up to 122%
Alameda
Current Market Pricing
(% of Petition Date Claim Amount)
Genesis Loan Stub Claims
(Post-Initial Distribution)
Genesis Loan Stub Claims
(Post-Initial Distribution)
BTC
18.0 - 19.5%
ETH
15.5 - 17.0%
SOL
35.0 - 37.0%
Fiat/Stables
Current Market Pricing
(% of account balances)
MTGOX Customer Claims
MTGOX Customer Claims
testing
up to 105%
$150K - $1.0M
105 - 119%
$1.0M +
120 - 126%
Alameda
Current Market Pricing
Pricing is expressed as a % of claim amount, valued as of the Petition Date, and varies by claim size, claim type and other factors. Learn more about our pricing methodology.
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Docket
No items found.
The settlement fund totals $5.54 billion, covering merchants who accepted Visa and/or Mastercard credit or debit cards between January 1, 2004, and January 25, 2019. After deductions for administrative costs, taxes, class plaintiff awards, and attorneys’ fees (as approved by the court), the remaining funds are distributed pro rata based on each merchant’s interchange fees paid during the class period. The fund is fixed, so payouts depend on the total number of valid claims filed. Recoveries vary widely based on a merchant’s transaction volume and interchange fees paid. Estimates suggest merchants may recover approximately 3% of their total interchange fees paid over the 15-year period. Initial payouts are not expected until 2026 or later, extending over multiple years.
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The court-approved deadline to file claims was February 4, 2025. Late claims are not accepted, and merchants who did not file are ineligible for payouts.
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Debt
Maturity
Rate
Amount ($M)
Note
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April 2022
Floating
99
Blanket lien outside certain UST term loan collateral
Letters of credit
Feb 2023
Floating
11
Blanket lien outside certain UST term loan collateral
Total Secured Debt
110
Trade
Various
Floating
20
1Q24 10Q Reported AP.
Leases, other GUCs
Various
Floating
230
1Q24 10Q Reported liabilities.
Total Unsecured Debt
250
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Amount ($M)
Estimated Recovery
Employee PTO/Commission Claims
75-100
100%
Convenience Class
25-35
100%
General Unsecured Claims
1,300 - 4,700
0 - 26%
Interests
N/A
0%
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Debt Type
Name
Amount ($M)
Notes
Unsecured
Institutional lender claims
1,700
173 non-affiliated institution lenders
Unsecured
Institutional lender claims
1,800
Non-affiliated individual lenders
Unsecured
Gemini lender claims
1,122
Secured by interest in GBTC, which were liquidated.
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Claim/Interest
Recovery
BTC creditors
51.28%
ETH creditors
65.87%
Fiat/ Stablecoin creditors
100%
Solana creditors
29.58%
Altcoin creditors (other than Solana)
87.65%
.is-ftx-1
Category
Description
Estimated Amount
Secured Claims
Institutional lender claims
$1.5 - $2B
Unsecured Claims
GUCs, customer claims, unsecured digital asset loan claims
$8.5 - $10B
Priority IRS Tax Claim
Pre-petition IRS tax liability.
$0.2B
Priority DM Claim
Other claims
$0.256B
Subordinated Claims
Multiple billions in asserted government claims, much of which has been voluntarily subordinated to customer claims.
N/A
Equity Interests
Preferred and equity interest, subject to Preferred Equity Settlement
N/A
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Type
Estimated Recovery
Priority Tax Claims
100%
Secured Loan Claims, Other Secured Claims
100%
Customer Entitlement Claims (Dotcom, U.S.)
129-143%
General Unsecured Claims
129-143%
Convenience Claims
119%
Digital Asset Loan Claims
129-143%
Subordinated Government Claims
0-18%
FTT Claims and Interests
0%
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Articles
FAQs
What is the risk of keeping my stub claim?
You’ll remain eligible for future distributions—but the process may take several years, with payouts spaced out and tied to litigation outcomes, asset recovery, and the efficiency and effectiveness of trust administration. Holding exposes you to risks such as administrative cost overruns that eat into recoveries and other adverse events (e.g., hacking and security breaches) that may erode estate value.
Why would I consider selling my stub claim?
Although you may have just received a partial distribution, the additional distributions could take more time. Selling your stub claim allows you to cash out on the present value of those future expected distributions now. Depending on your financial objectives, capturing that value through a sale could help you free up capital today for other investments and needs. Selling also eliminates the risks associated with collecting distributions over a multi-year period.
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What are stub claims?
Stub claims refer to claims that have already received at least one distribution but expect to receive additional distributions in the future.
Will a Buyer definitely purchase my claim?
While we focus on cases with existing buyer interest, we cannot guarantee that you will receive an offer or that a buyer will agree to purchase your claim. Interest in claims is highly dependent on individual claim attributes.
Is ºÚÁÏÍø a buyer or broker of claims?
ºÚÁÏÍø operates the ºÚÁÏÍø Marketplace and related services but does not buy claims for its own account. ºÚÁÏÍø acts as a broker for larger, complex claims on a case by case basis. Â Independent affiliates of ºÚÁÏÍø may purchase claims or identify claims for purchase as a service on behalf of registered buyers.
