Fanatics Wins Antitrust Class Action Dismissal, But the Panini Case Is Still Heating Up
A New York federal judge tossed the collector class action against Fanatics and the major sports leagues. Here is what the ruling actually says, why Panini's separate case matters more, and what happens next for the hobby.
Fanatics Scores a Courtroom Win, But the Fight Is Not Over
A New York federal judge has dismissed the high-profile class action antitrust lawsuit that accused Fanatics Collectibles, the NFL, NBA, MLB, their respective players associations, and OneTeam of conspiring to monopolize the trading card market. The ruling, issued earlier this spring, hinges on the court finding that the collector-plaintiffs lacked the legal standing to sue.
For a hobby that has been arguing about Fanatics' growing footprint since 2022, this is a significant moment, but it does not close the book on the underlying antitrust questions.
What the Ruling Actually Says
The judge agreed with Fanatics' core defense that the collectors filing suit could not show a direct, cognizable injury from the web of exclusive licensing deals. The court noted that plaintiffs buying cards on the secondary market or at retail did not establish the kind of direct economic harm antitrust law requires.
- All counts dismissed, including claims against the NFL, NBA, MLB, and the respective players associations.
- Standing was the deciding issue, not the substantive question of whether Fanatics holds monopoly power.
- Plaintiffs can refile or appeal, and legal observers expect at least one attempt at an amended complaint.
Panini's Case Is Still Alive
Crucially, the dueling commercial litigation between Panini America and Fanatics is still active. A separate federal judge ruled earlier this year that both Panini's antitrust claims against Fanatics and Fanatics' counterclaims against Panini will proceed to discovery. That case is the one that really matters for the long-term shape of the industry.
The class action dismissal is a meaningful win for Fanatics, but the Panini lawsuit is the one that could force real disclosures about how these exclusive licenses were negotiated and awarded.
What Is at Stake for Collectors
Starting in 2026, Fanatics controls exclusive trading card licenses for the NFL, NBA, MLB, Premier League, Formula 1, and WWE. That gives the company leverage across nearly every major North American sports category and two of the biggest global ones.
- Pricing pressure. With one company setting MSRP and allocation for most flagship sports releases, collectors are watching closely to see whether box prices continue to climb.
- Product variety. The Panini lawsuit will test whether exclusive licensing limits design innovation, or whether competition from alternative formats like cut autos, patch cards, and premium one-of-ones can keep things fresh.
- Hobby shop economics. Allocation policies, direct-to-consumer sales, and Fanatics Live drops all feed into how much inventory local shops can actually source.
What Happens Next
Expect the plaintiffs in the dismissed class action to file an amended complaint within the next several weeks. Meanwhile, the Panini-versus-Fanatics case is moving toward a discovery phase that could pull license contracts, executive communications, and pricing analyses into the public record.
For collectors, none of this changes what is on the shelves tomorrow. But over the next 12 to 24 months, the outcome of these cases could meaningfully reshape what the Fanatics era actually looks like in practice.