A federal judge in New York has granted preliminary approval to a revised $38 billion settlement in the long-running interchange-fee litigation against Visa and Mastercard, marking another major milestone in one of the largest antitrust-related civil cases in U.S. history. The case centers on merchant allegations that the card networks and related defendants imposed excessive “swipe fees” and maintained anticompetitive rules that inflated the cost of accepting credit cards.

Preliminary approval is not the end of the road.