The Illinois IFPA Implementation Date Is Extended Again

The Illinois IFPA Implementation Date Is Extended Again

A last-minute budget move will see the implementation date for the Illinois Interchange Fee Prohibition Act pushed back a year, to July 1, 2027.

Originally scheduled to become law Monday, the IFPA would have seen interchange on sales tax and tips prohibited. How it would have been implemented has been a sticking point for both advocates and detractors.

The delay is expected to be signed by Governor JB Pritzker as part of the state’s 2027 budget. The IFPA was originally scheduled for implementation July 1, 2025, but was delayed for a year.

On the payments side, the delay is a sign the act is flawed. “This second delay reflects the reality that the law was flawed from the beginning,” Scott Talbott, executive vice president of the Electronic Transactions Association, tells Digital Transactions News via email. “With the OCC ruling that the IFPA is preempted for national banks, it should be repealed.” In April the Office of the Comptroller of the Currency filed a notice about a rule to preempt the IFPA, Digital Transactions News reported.

Other payments advocates also supported the extension.

“The Illinois General Assembly’s extension of the Interchange Fee Prohibition Act’s effective date is a win for consumers and credit unions,” says Scott Simpson, president and chief executive of trade association America’s Credit Unions. “However, ongoing litigation and the recent rules from the OCC and NCUA reinforce that more action is needed. Even with an extension, if the law takes effect, Illinois’s state-chartered credit unions and community banks will be at a disadvantage as federal institutions are preempted.”

The Electronic Payments Coalition also says it appreciated the delay. “At the same time, this latest delay is yet another acknowledgment that lawmakers rushed through a deeply flawed law without fully understanding the consequences. Unfortunately for Illinois consumers, small businesses, community banks, and credit unions, delaying the chaos is not the same as fixing it. The only real solution is full repeal,” Richard Hunt, EPC executive chairman, says in a statement.

Meanwhile, the Merchant Payments Coalition, which has advocated for the measure, says the delay was unfortunate. “The law ought to go into effect at this point,” Doug Kantor, an executive committee member of the MPC, tells Digital Transactions News.

“Understand that the banks are throwing around misinformation that people get nervous about,” Kantor says. “The only issue in Illinois is the credit card industry is dragging its feet and tried to throw obstacles at it. We look forward to the law eventually going into effect.”

The National Retail Federation also is disappointed with the delay. “We share in the disappointment,” says Dylan Jeon, vice president of NRF government relations. “We look forward to picking this back up next year.” In the meantime, the NRF’s focus will be on ongoing litigation, he says.

 

Fiserv Signs up for Experian Link’s Debit Card Ownership Checker

Fiserv Signs up for Experian Link’s Debit Card Ownership Checker

Experian plc, most known among consumers as a credit-reporting agency, says it is collaborating with processor Fiserv Inc. on Experian Link, a service to make it easier for merchants to verify a consumer’s identity with debit card ownership data.

Announced Wednesday, the cooperative endeavor will see Fiserv’s proprietary debit card data integrated into Experian Link, and, when combined with Experian’s identity and fraud data, will help ensure a consumer’s identity. Experian Link launched in 2022 and Experian says it’s helped increase auto-approval rates by up to 10% for users.

Specifically, Experian Link will use Fiserv’s VerifyNow Advantage program to gain access to bank-account and debit card ownership data in real-time. Experian says Fiserv is the first debit data partner to make the Experian Link integration. VerifyNow is a Fiserv program to identify and authenticate consumer account owners and to verify account status in real-time.

“As [artificial intelligence] accelerates the speed and sophistication of fraud, merchants need precise, instant verification that confirms the customer behind a payment is truly who they say they are without introducing added friction,” Kathleen Peters, Experian North America chief innovation officer for fraud and identity, says in a statement. Experian is based in Dublin.

The expectation is that the integration will make it easier for users of Experian Link to reduce revenue loss from false declines. The service ties a consumer’s digital identity to the credit or debit card being presented, which provides “a more accurate, real-time view of whether a customer truly owns the card presented online,” Experian says. “With the new Fiserv collaboration enabling instant debit card ownership verification, Experian Link now gives merchants a more complete, data‑driven view of payment trustworthiness across both credit and debit card transactions.”

Fraud and Scam Initiators Are Adapting, Again, Visa Says

Fraud and Scam Initiators Are Adapting, Again, Visa Says

Fraud and scam bad actors are adapting again to changes in technology and consumer behavior, but so, too, are organizations charged with preventing their misdeeds. In its “Spring 2026 Biannual Threats Report,” Visa Inc. points to four shifts in the second half of 2025 as fundamentally changing how criminals interact with consumers.

Released Thursday, the report shows on a global scale that controls are helping improve outcomes for those caught up in fraud and scams even as attack volume rises, Visa says. Other changes are that scams are the primary source of consumer harm and artificial intelligence is speeding up both the attack and defense aspects. Fourth, the economics of ransomware, though still prevalent, are changing.

Visa data shows that fraud at the device-token level decreased 9.6% in the latter half of 2025 compared to the second half of 2024, while enumeration —a reconnaissance stage for criminals to verify stolen data—dropped 16% in the same period.

The implication from this is that criminals are moving toward vectors like consumers and third-party dependencies, Visa says. “The most important question is no longer ‘how much fraud occurred,’ but ‘where is fraud migrating–and how quickly?’” Visa’s report says.

The second notable shift, the ascendancy of scams, cannot be solved solely with controls at the authorization layer, Visa says. To counter this, a multi-element response is needed, it says. Scams are when criminals trick a consumer into willingly sending them money, providing them with payment details, or providing access to their accounts, as defined by Wells Fargo.

“When the user behaves ‘legitimately’ from a transaction perspective, scam defense becomes a combined challenge of identity verification, intent assessment, and manipulation detection—often requiring coordinated action beyond a single institution,” Visa says.

Just as AI is weaving itself into productive uses, it is being used for other less-than-legal ones, too. Visa says AI is shortening the fraud cycle for both sides, the attackers and defenders.

Criminals are using AI to create more personalized and convincing attacks they can automate at scale, while organizations trying to halt that activity are able to use AI to spot anomalies sooner than without AI, stop attacks before they reach consumers or merchants, and make their identification of attacks more precise, Visa says.

Thus, “Organizations that rely on manual, siloed review models are structurally disadvantaged. The advantage belongs to those that can act in real time, coordinate across partners quickly, and automate the detect-triage response lifecycle,” Visa says.

The fourth shift, more ransomware with changing economics, may be a result that organizations are being more resilient when under threat and increasingly recognizing that paying the extortionist does not reliably  prevent a data release, Visa says.

Ransomware is becoming more of a recovery issue, not just a prevention problem, it says. Visa says this suggests a shift in approach when dealing with ransomware to treating business continuity and recovery as primary security controls instead of afterthoughts.

Former AGs Say Live Nation Verdict Should Spur TICKET Act, Ticket Transfer Reforms

Former AGs Say Live Nation Verdict Should Spur TICKET Act, Ticket Transfer Reforms

A fan holds their mobile phone up to a scanner outside of an event, illustrating the Ticketmaster Safetix system

A fan holds their mobile phone up to a scanner outside of an event, illustrating the Ticketmaster Safetix system

A bipartisan op-ed argues the Ticketmaster monopoly ruling should be a starting point for federal and state action, as lawmakers scrutinize the DOJ settlement and consumer advocates press for open ticket transferability.

A bipartisan pair of former state attorneys general is urging lawmakers and state enforcers to treat the recent Live Nation/Ticketmaster monopoly verdict not as the end of the ticketing reform fight, but as a springboard for stronger consumer protections.

Writing in The Hill, former Virginia Attorney General Ken Cuccinelli, a Republican, and former Maine Attorney General Drew Ketterer, a Democrat, argued that the verdict gives states and Congress leverage to pursue reforms that go beyond damages or delayed court remedies. Their prescription includes passage of the TICKET Act, protections for consumers’ ability to transfer and resell tickets on the platform of their choice, and settlement terms that open the ticketing market to more competition.

The op-ed comes as the Live Nation/Ticketmaster case has entered a sprawling post-verdict phase, with state plaintiffs seeking remedies after a jury found the company liable for monopolization while the federal court separately reviews the Trump administration’s settlement with the company under the Tunney Act.

That settlement drama was the focus of a Monday bicameral forum led by Rep. Jamie Raskin and Sen. Richard Blumenthal, where lawmakers, state enforcers, independent venue operators, artists, and antitrust experts argued that the jury verdict should be followed by structural changes to Live Nation’s business rather than a narrow conduct settlement.

RELATED: Lawmakers, Witnesses Dissect “Corrupt” Live Nation Settlement at Hearing; Press for Breakup

California Attorney General Rob Bonta, whose office remained in the case after DOJ agreed to settle, told the forum that behavioral remedies had proven inadequate and that the states would seek structural relief. TicketNews previously reported that Bonta said potential remedies could include divestiture of Ticketmaster, a broader breakup of Live Nation’s vertically integrated business, or separation of the company’s venue and artist-management operations.

The forum underscored a key point for ticketing policy: there is now visible appetite at the federal level not only for transparency legislation, but also for tougher scrutiny of antitrust settlements that leave dominant market structures intact.

The TICKET Act remains the most immediate legislative vehicle. The bill passed the House last year by a 409-15 vote and is now on the Senate calendar. It would require ticket sellers and resale marketplaces to display the total ticket price at the beginning of the purchasing process, prohibit speculative ticket sales by sellers who do not have possession of the tickets, require refunds for canceled or significantly postponed events, and give the Federal Trade Commission enforcement authority.

Cuccinelli and Ketterer argued that those transparency provisions are important, but insufficient. In their view, lawmakers and state plaintiffs should also address the structural question at the center of the Live Nation/Ticketmaster fight: whether consumers actually control the tickets they purchase, or whether the primary seller and event rights-holder can dictate where, when, and whether those tickets can be transferred or resold.

That question is an essential one for true consumer choice in ticketing and ticket resale. Ticketmaster’s SafeTix system, the company’s mobile-only rotating-barcode technology, has been promoted by the company as an anti-fraud tool, but the truth is that it has largely served the purpose of creating a walled garden – where rights holders and Ticketmaster have ultimate control over a ticket and its use after purchase.

The DOJ’s under President Biden illustrated this point in its initial amended complaint in the lawsuit that eventually led to the guitly verdict last month. It argued that the technology was designed to allow Ticketmaster protect its dominant primary-ticketing position, strengthen its resale position, and make it more difficult for fans to use rival resale platforms.

RELATED: Ticketmaster’s SafeTix System Takes Central Role in DOJ’s Monopoly Lawsuit

TicketNews has reported for years that dynamic barcodes and other restricted-transfer systems can effectively lock fans into the ticketing platform chosen by the original seller. Once a ticket is confined inside a proprietary app, consumers may be able to use, transfer, or resell it only under the rules set by that platform.

For consumer advocates, that makes transferability a core competition issue rather than a secondary feature of ticketing convenience. A ticket that cannot be freely transferred is less like property purchased by a fan and more like conditional access controlled by the seller, enabling the restriction of use, sale, resale, or transfer at their discretion.

That distinction is especially important as Live Nation has simultaneously supported resale price caps. The company has argued that caps would address fan frustration over high secondary-market prices, speculative listings, and bot-driven purchasing. Critics counter that resale caps, if imposed without equivalent limits on primary-market pricing, dynamic pricing, platinum pricing, holdbacks, and transfer restrictions, could eliminate resale competition while leaving Live Nation/Ticketmaster’s primary-market power intact.

That concern was also at the center of a January Senate Commerce hearing, where lawmakers pressed Live Nation over whether resale restrictions and price caps could leave fans with fewer options. As TicketNews reported then, a cap that limits what consumers can recover on resale, while leaving primary-market prices unrestricted, can box fans into a market controlled by the same company that sold them the ticket in the first place.

Consumer-choice groups have also argued that resale competition can benefit fans when tickets fall below face value. A 2025 report found that resale markets saved fans hundreds of millions of dollars in 2024, while polling cited in the report found broad public support for the right to resell or give away tickets after purchase.

The result is a policy fight with several overlapping tracks. Congress is weighing the TICKET Act and related antitrust-settlement reforms. The court is reviewing the DOJ settlement under the Tunney Act. State plaintiffs are seeking remedies after winning at trial. And consumer advocates are pressing lawmakers to make sure that reform does not stop at all-in pricing, but also includes free transferability and genuine resale competition.

RELATED: Live Nation Seeks to Pause Breakup Fight Until After Tunney Act Settlement Review

Live Nation has rejected the monopoly framing and has argued that breaking up the company would not solve the underlying causes of high ticket prices, which it attributes largely to demand, artist pricing decisions, and broader industry dynamics. The company has also said it supports certain ticketing reforms, including resale-focused changes, while continuing to challenge the verdict and the push for structural remedies.

But the Cuccinelli-Ketterer op-ed reflects a growing view among critics of the company that the verdict has changed the political and legal posture of the debate. If Live Nation/Ticketmaster has already been found liable for monopolization, they argue, the next question is not whether ticketing reform is warranted, but what kind of reform will actually reduce the company’s control over fans, venues, artists, and rival marketplaces.

That is where the TICKET Act and transferability protections intersect. All-in pricing would make ticket costs clearer. Refund guarantees would give consumers baseline protections when events are canceled or postponed. But open transferability would address a different problem: whether fans can choose where to sell, give away, or otherwise transfer the tickets they already bought.

The monopoly verdict opened the door to that broader conversation. The fight now is over whether lawmakers and courts walk through it.

Digital Wallets Bolster Paysafe’s First-Quarter Results

Digital Wallets Bolster Paysafe’s First-Quarter Results

The processor Paysafe Ltd. early Wednesday reported it processed $43.9 billion in volume in the March quarter, a 10% improvement over the same period last year, with 19% growth in the company’s digital-wallet segment outpacing the much larger merchant-solutions unit, which posted an 8% jump, to $37.2 billion.

Paysafe has pinned much hope on a new digital wallet, dubbed Paysafe Wallet, which the company said posted “record monthly actives” in the quarter. Lately, the company said it has been promoting the new wallet through campaigns aimed at encouraging user engagement. The wallet unit as a whole generated $216.3 million in revenue for the quarter, a 15% rise year-over-year.

Other niches producing double-digit increases in revenue include e-commerce, aided by the Paysafe’s longstanding position in casino processing, the company reported. Revenue from i-Gaming grew 28% in the quarter, year-on-year, helping to drive a 17% revenue jump in e-commerce revenue. In this segment, the company launched a pay-with-crypto option for U.S. players during the quarter, allowing them to make deposits in stablecoins or other cryptocurrencies. This option is supported by MoonPay.

In the small-business category, Paysafe reported it eked out a 2% increase in revenue for the quarter.

The company’s revenue for the quarter totaled $442.7 million, rising 10% from the same period last year Reported gross profit came to $250 million, led by the digital-wallet segment, at $151.4 million. That total for the company represents a 10% improvement over the same quarter last year.

With Worldpay Onboard, Global Payments Focuses on Its Genius POS Tech

With Worldpay Onboard, Global Payments Focuses on Its Genius POS Tech

Global Payments Inc. spent most of last year launching its Genius point-of-sale platform, and now its focus is on reaping a return on that substantial investment, part of a $1-billion technology program the Atlanta-based processor embarked on earlier this year. That initiative also comes as the company focuses on integrating Worldpay, a massive processor it acquired in January from FIS Inc. for $22.7 billion.

Early Wednesday, the company’s top executives said progress has been encouraging on both of these fronts. Having launched Genius for Restaurants a year ago, followed by Genius for Retail in June and Genius for Enterprise in September, Global’s most recent product on that platform is a mobile version, which Global chief executive Cameron Bready said has attracted 500 locations in less than 60 days.

“We continue to see strong momentum for Genius, ” he told equity analysts on a call to discuss Global’s March-quarter results. “Bookings have nearly doubled year-over-year. Clients are willing to pay for its differentiated capabilities.” He said interest has also developed among financial institutions, where sales of the platform is now a “key priority” and an initiative set to start next year.

Though Global does not break out results for Genius, Bready said sales in the March quarter nearly doubled the performance seen early last year. Sales so far have been encouraging enough for the technology to be “a central pillar of our growth strategy,” Bready said. Now, with Genius Mobile as the latest salient, he said Global is “very bullish” about Genius’s “ability to scale from the smallest merchant to enterprises.” Small merchants will likely become a bigger pool of prospects as Global now moves to sell Genius through the independent sales organization channel.

Another major initiative at Global, as it is at most payments platforms, is adoption of artificial intelligence technology, a plan that embraces Genius. “We have a plan to embed AI more deeply in our products. Genius is an example,” Bready said, though he backed off saying more about the matter, noting that announcements are forthcoming. “On agentic commerce, it’s very nascent,” he said. “We’re obviously building all the connective tissue to allow agentic commerce to grow at scale.” At the same time, the company is working out “what platforms to grow, and what to shut down,” he added.

The integration of Worldpay will likely boost Genius sales further, Bready said. For all of Worldpay’s heft and economies of scale, “the bigger opportunity with Worldpay in the U.S. is to unlock their financial-institution channel and ISO channel,” he said.

For the quarter, Global reported $2.86 billion in net revenue, up 29.5% from a year ago, with adjusted operating income rising 22.1% to $1.14 billion. Net income, at just shy of $809 million, rose 21.6%

Three Months In, the New PayPal CEO Sparks a Sweeping Reorganization

Three Months In, the New PayPal CEO Sparks a Sweeping Reorganization

Barely three months since taking over the top spot at PayPal Holdings Inc., Enrique Lores is heading up a reorganization of the venerable payments company.

Announced late Wednesday following a CNBC report earlier in the day, PayPal says it will migrate to a three-business operating model. The three are checkout and PayPal, consumer financial services and Venmo, and crypto and payment services.

Lores says the reorganization is part of a plan to “recommit to our fundamentals” and get closer to consumers. Lores was chief executive at computer giant HP Inc. for six years before coming to PayPal.

The Venmo unit will tap into Venmo’s momentum, Lores says, and expand into a broader consumer financial-services platform. The PayPal unit will bring the consumer and merchant ecosystems under what he calls a unified strategy, while the crypto and payment-services component will bring operations like Braintree, which PayPal acquired in 2013, small-business processing, and cryptocurrency efforts under one roof. PayPal acquired Venmo with its Braintree acquisition.

These moves come as PayPal still has strong assets to use.

“PayPal still has a stable of strong assets, but many of those assets no longer clearly translate into value for either their merchants or consumers,” says James Wester, co-head of payments and research director for technology and infrastructure at Javelin Strategy & Research.

“What’s more, the payments market is increasingly competitive, so any value needs to be better than what consumers and merchants can find elsewhere,” Wester says in an email to Digital Transactions News. “Giving the reorganized units clearer mandates should help with that, but the new structure will need to lead to better product decisions. A focus on trust, simplicity, and good products were what made PayPal so important to begin with. Any reorganization should be judged by whether it helps PayPal get back to that mindset.”

The reorganization also is an admission of what the market has known for years, says Stewart Watterson, strategic advisor at Datos Insights, that running checkout, Venmo, and payments infrastructure under one undifferentiated roof was limiting all three.

The new structure gives each business a clear identity and someone accountable for it. “Venmo finally gets a real shot at becoming a consumer financial services platform,” Watterson says. “The crypto unit gets a credible infrastructure frame rather than a marketing badge.”

In its Feb. 3 fourth-quarter earnings call, led by then interim chief executive Jamie S. Miller, PayPal cited Venmo as a product that was doing well. Not including interest income, Venmo’s 2025 revenue reached $1.7 billion, a 20% increase from 2024, Miller said.

PayPal also noted its enterprise-payments business had seven consecutive quarters of profitable growth and its buy now, pay later product generated more than $40 billion in total payment volume last year, another 20% increase.

PayPal’s online branded-checkout efforts, which launched in 2023 under then CEO Alex Chriss, were too optimistic, Miller said. “We’ve reimagined a product that had been stagnant and underinvested in for years, creating a new value proposition for merchants and consumers. But we were too optimistic about how quickly we could drive change and customer adoption across a massive global user base. The results are not yet where we expected them or want them to be,” Miller said, according to a transcript provided by PayPal.

PayPal also made several personnel moves Wednesday. Heading checkout solutions and PayPal is Frank Keller, who had been general manager of its large enterprise and merchant-platform group. Alexis Sowa, listed as senior vice president and general manager of Venmo on her LinkedIn profile, will lead the Venmo and consumer financial services line on an interim basis. Jeff Pomeroy will be the interim head of the payment services and crypto business.

PayPal also appointed Anshu Bhardwaj, whose LinkedIn profile listed her as senior vice president of PayPal engineering, to the chief AI transformation and simplification officer role. Antonio Lucio, whose LinkedIn profile listed a previous position of executive vice president, chief of marketing, and corporate affairs officer at HP Inc., joins PayPal as chief marketing and corporate affairs officer.

Live Nation Seeks to Pause Breakup Fight Until After DOJ Settlement Review – Which Could Take Up to a Year

Live Nation and Ticketmaster logo over an image of a concert crowd

Live Nation and Ticketmaster logo over an image of a concert crowd

Holdout states want remedies proceedings to run alongside Tunney Act review, warning Live Nation’s schedule could delay relief nearly a year after approval of the federal deal.

Live Nation and Ticketmaster are now seeking to turn the next phase of their antitrust loss into a sequencing fight: one that could determine whether the states that beat them at trial get a prompt opportunity to pursue breakup remedies, or whether the company first locks in the narrower Justice Department settlement it has repeatedly described as the likely endpoint of the case.

In a joint letter filed Friday (PDF opens in new window), the Justice Department, the plaintiff states, and Live Nation laid out competing schedules for post‑trial motions, review of the DOJ settlement under the Tunney Act, and any remedies phase following the jury’s finding that Live Nation and Ticketmaster illegally maintained monopoly power.

The filing is the major post‑verdict fight over whether the holdout states’ push for broader remedies – including a potential breakup of Live Nation and Ticketmaster – will move forward promptly or be forced to wait until after the DOJ’s more limited settlement has already been reviewed and potentially entered by the court.

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That distinction matters because the DOJ settlement does not require Live Nation to divest Ticketmaster. Instead, it relies on a package of conduct restrictions, ticketing‑access provisions, venue‑related obligations, a monitor, an eight‑year decree term, penalties for violations, and a roughly $280.4 million settlement fund. The term sheet also includes provisions requiring Ticketmaster to support primary‑ticket distribution through third‑party marketplaces, offer venues exclusive and non‑exclusive ticketing options, cap service fees at certain Live Nation‑controlled amphitheaters at 15%, terminate a ticketing services agreement with Oak View Group, and refrain from retaliating against venues that choose a primary ticketer other than Ticketmaster.

But for the states that refused to join that deal and then won at trial, those measures are not the end of the case. They are the starting point for a broader argument: whether behavioral rules are sufficient after a jury found the companies unlawfully preserved monopoly power, or whether the court should impose structural relief that Live Nation has spent months insisting is off the table.

RELATED: State AGs Now Explicitly Seek Live Nation Breakup After Monopoly Verdict

Friday’s filing shows that Live Nation wants that fight delayed.

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The defendants told Judge Arun Subramanian that any remedies proceedings should come only after two things happen: first, the court rules on Live Nation’s expected Rule 50 and Rule 59 post‑trial motions; second, the Tunney Act review of the DOJ settlement is completed. Live Nation argues that the DOJ final judgment should establish a “binding baseline” of equitable relief before the court considers what, if anything, the holdout states may additionally obtain.

In other words, Live Nation wants the federal settlement entered first, then wants the states to explain what additional relief they believe remains necessary.

That sequencing would give the DOJ settlement practical weight before the states’ remedy case begins in earnest. Once the settlement is entered, Live Nation can argue that any additional state relief should be assessed against the competitive baseline created by the federal decree—a baseline that leaves Ticketmaster inside Live Nation.

The plaintiff states are pressing for the opposite approach.

They propose that fact discovery related to remedies proceed at the same time as the 60‑day Tunney Act public‑comment period. They also want that discovery to be available for the court’s consideration when it decides whether the DOJ settlement is in the public interest under the Tunney Act. And they are urging Judge Subramanian to reserve his Tunney Act determination until after a hearing on the states’ proposed remedies is complete, so the court can assess the federal settlement and the states’ requested relief together.

The states argue that this approach would avoid duplication, promote judicial efficiency, and help ensure that any obligations imposed on Live Nation and Ticketmaster do not conflict. They specifically warn that Live Nation’s proposed schedule would “needlessly delay” the court’s consideration of remedies and could push relief for the states nearly a year beyond completion of the Tunney Act process.

The Plaintiff States submit that Defendants’ proposed schedule will needlessly delay the
Court’s consideration of the remedies proceedings and will be less efficient for the parties and the
Court. There is no basis for delaying consideration of the Plaintiff States’ proposed remedies until
after completion of Tunney Act proceedings—and Defendants’ proposed schedule would delay
consideration of relief for the Plaintiff States for nearly a year after the Tunney Act proceeding
concludes. Further, the Plaintiffs States’ entitlement to certain remedies does not depend on what
the other Plaintiffs may have agreed to in the context of a settlement

From the joint letter linked above

That warning sits at the core of the new dispute. The states are not merely asking to be heard eventually. They are trying to prevent the DOJ’s narrower settlement from becoming the procedural foundation against which all later remedies are judged.

The Justice Department, for its part, is focused on keeping its settlement on track. In Friday’s letter, DOJ said it expects to file the proposed final judgment, stipulation and order, and explanation of Tunney Act procedures by late May. It then expects to be in a position to move for entry of final judgment in early or mid‑September, after the 60‑day public‑comment period runs, DOJ responds to public comments, and other Tunney Act requirements are satisfied.

DOJ told the court it sees no reason to delay entry of the settlement pending the states’ remedies proceedings. It also said it does not believe Tunney Act discovery is necessary or warranted at this stage, though it took no position on whether the plaintiff states and defendants should conduct remedies discovery while the Tunney Act process is ongoing.

That leaves three distinct positions before Subramanian. DOJ wants its settlement reviewed and entered on a relatively clean track. The states want that review coordinated with their broader remedy case. Live Nation wants the remedy case postponed until after both its post‑trial motions and the DOJ settlement review are complete.

The filing also sets the schedule for Live Nation’s immediate challenge to the verdict. Defendants intend to file post‑trial motions under Rules 50 and 59, with opening briefs due May 21, the states’ opposition briefs due June 18, replies due July 2, and any hearing to be scheduled after July 9.

Those motions are expected to renew Live Nation’s effort to undo or narrow the jury’s findings, including its renewed challenge to the damages testimony of economist Rosa Abrantes‑Metz. The states have asked to file additional briefing opposing Live Nation’s motion to strike that testimony. Live Nation opposes the request, arguing the issue has already been fully briefed, though it seeks leave to reply if the court permits further state filings.

That dispute fits a broader post‑verdict pattern. Live Nation has made clear it does not view the jury’s decision as the final word. After the verdict, the company said it would renew its motion for judgment as a matter of law, continue attacking the damages foundation, and appeal unfavorable rulings. Its public position has remained that the ultimate outcome should not materially differ from the DOJ settlement—even after a jury found against it on the surviving monopolization and tying claims.

Friday’s letter shows how that posture is translating into litigation strategy. Live Nation is not only trying to overturn the verdict; it is also seeking to control the order in which consequences are considered.

For the states, that is precisely the risk. They went to trial because they viewed the DOJ deal as too weak. They won a verdict that enhanced their leverage. Now they are arguing that Live Nation should not be allowed to use the settlement it reached with DOJ during trial as a procedural shield against the broader remedies the jury verdict may support.

Live Nation counters that proceeding in parallel would be inefficient, prejudicial, and potentially confusing. It argues that Tunney Act review and post‑liability remedies proceedings involve different legal standards, and that the states could attempt to use Live Nation’s defense of the federal settlement as admissions supporting additional relief. The company also argues that the states should first file a framework outlining the remedies they seek before any remedies discovery begins.

That point may loom large. The states have now publicly signaled that breakup relief remains on the table. New York Attorney General Letitia James and Tennessee Attorney General Jonathan Skrmetti recently wrote that the states will pursue remedies including “financial consequences” and “a breakup of Live Nation’s monopoly.” Friday’s filing does not lay out a final remedies proposal, but it makes clear that the non‑settling states want to move quickly toward that phase rather than wait for the federal settlement to define the boundaries of the case.

The question now is whether Judge Subramanian will allow the two tracks to converge.

If he adopts the states’ approach, the Tunney Act review of the DOJ settlement and the states’ pursuit of broader remedies could proceed in parallel, keeping the breakup fight squarely in view while the court assesses whether the federal deal serves the public interest. If he adopts Live Nation’s approach, the states’ remedy case would wait until after the company’s post‑trial motions and the DOJ settlement process are complete, giving Live Nation months to argue that the federal decree already provides the meaningful relief the market needs.

That would not end the breakup fight. But it would delay it—and, from Live Nation’s perspective, delay may be among the first outcomes it is now seeking.

Western Union’s Core Business Struggles, but Digital Initiatives Grow

Western Union’s Core Business Struggles, but Digital Initiatives Grow

Money-transfer provider The Western Union Co. is facing what it calls “headwinds” in its Americas consumer retail business, but the company is looking for growth in its new stablecoin and other digital operations.

Total first-quarter revenue of $983 million was flat compared with a year earlier, Denver-based Western Union reported Friday. But consumer money-transfer revenue, which accounted for 87% of revenues in 2025, fell 3% in the first quarter to $845.4 million.

Consumer money-transfer transactions totaled 71.1 million in the first quarter, barely changed from 70.8 million a year earlier. North American regional money-transfer revenues fell 11% and transactions decreased 5%, according to Western Union’s earnings report. “First-quarter results reflect the continued challenges in our Americas retail business as well as a few discrete items affecting the quarter,” company president and chief executive Devin McGranahan said in a statement.

The drop mostly affected agent-based transactions. Branded digital money-transfer transactions jumped 21% year over year, according to the earnings report. Digital transfers now represent 32% of consumer-money transfer revenue and 42% of transactions.

In a conference call with stock analysts, McGranahan hinted that the federal government’s immigration crackdown played a role in the money-transfer softness. “Our retail business in The Americas continued to face headwinds in the quarter associated with the current geopolitical environment, though we believe we are now seeing improvement from the steep declines that we saw in 2025,” he said, according to a call transcript from The Motley Fool.

Results were brighter for Western Union’s smaller but faster-growing Consumer Services segment, which includes bill payments, money orders, travel-money services, check acceptance and other services, including digital wallets. Revenues rose 24% in 2025’s first quarter to $137.3 million in the wake of an acquisition and better results in bill payments.

Meanwhile, the company is ramping up its digital-currency initiative that’s built on a stablecoin it calls USDPT, which is backed by the U.S. dollar. Western Union expects to bring USDPT to market this quarter. In addition, the company has seven partners lined up for its Digital Asset Network (DAN), which will give cryptocurrency wallets worldwide access to Western Union’s global network for funds-in and funds-out in a single application programming interface.

Nacha: Same-Day ACH First-Quarter Volume Grew 23.6%

Nacha: Same-Day ACH First-Quarter Volume Grew 23.6%

The climb in same-day automated clearing house volume continues as 403 million of these payments were made in 2026’s first quarter, a 23.6% increase from the same quarter a year ago.

Started in 2016 for credit payments only, same-day ACH volume has steadily grown, especially with the 2017 addition of same-day ACH debit payments. Total same-day ACH volume has ballooned from 13 million in 2016 to 1.4 billion in 2025. Same-day ACH debit payments comprised 56.6% of the total 2025 volume and credit 43.4%.

Nacha says the value of first-quarter 2026 same-day ACH was $1.1 trillion, a 22.1% increase from $897 billion a year prior.

Growth was common across major transaction types, such as business-to-business, health care, Internet, direct deposit, and peer-to-peer.

Nacha says business-to-business ACH payments, with volume reaching 2.1 billion transactions in the first quarter, were up 9.4% from 1.9 billion a year ago.

P2P ACH payments totaled 129.3 million in the quarter, up 18.5%, followed by Internet payments at 2.9 billion, up 5.4%. That was followed by health care at 131.1 million, up 4.9%, and direct deposit, at 2.2 billion transactions, up 1.7%.

Overall, first-quarter ACH volume of 8.9 billion payments increased 4.8% from a year ago and the value of these transactions was $24.1 trillion, up 9.3%.

The results show that ACH payments are eating into check use, and same-day ACH is meeting user demand for faster payments, Jane Larimer, Nacha president and chief executive, says in a statement.