The card hobby isn't just about cardboard and chrome anymore. Honestly, it’s mostly about courtrooms and discovery motions. If you've looked at the trading card lawsuit news lately, you know the vibe has shifted from "check out this 1/1 pull" to "did you see the latest antitrust filing?" It’s messy. It’s expensive. And it’s fundamentally changing how we buy cards.
Whether you're holding a stack of NFL Prizm or a binder of Charizards, the legal landscape is shifting under your feet. We aren't just talking about one small dispute. We are seeing a multi-front war involving the biggest names in the industry—Fanatics, Panini, Upper Deck, and even the grading giant PSA.
The Fanatics vs. Panini Bloodbath: Where We Stand in 2026
The biggest story, by far, is the ongoing antitrust slugfest between Fanatics and Panini. This isn't just a business spat; it’s an existential crisis for the traditional card market.
Basically, Panini sued Fanatics back in 2023, claiming they were trying to monopolize the entire industry by locking up exclusive 20-year licenses with the NFL, NBA, and MLB. Fanatics didn't take that sitting down. They countersued, alleging Panini engaged in "unfair trade practices."
Fast forward to right now, January 2026. The discovery process has been brutal. Just recently, a federal judge ordered Fanatics to hand over unredacted licensing agreements to Panini's lawyers. This is a huge deal because it reveals exactly how much Fanatics is paying the leagues—money that Panini argues is basically a "bribe" to keep anyone else from competing.
But there’s a twist. Panini is reportedly exploring a sale, with Citi acting as an advisor. The valuation? Somewhere between €3 billion and €4 billion. Here’s the kicker: Fanatics found a 90-page sales pitch where Panini supposedly told potential buyers they could "thrive" even without those major sports licenses.
Wait.
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If Panini says they can thrive without the licenses, how can they argue in court that Fanatics’ monopoly on those same licenses is destroying their business? It’s a massive contradiction. Fanatics’ lawyers are already using this to poke holes in Panini's "we’re dying" narrative.
The "Wild Card" Curveball
As if Panini didn’t have enough on its plate, a smaller player called Wild Card Inc. sued them in late 2025. This one is ironic. Wild Card claims Panini is the bully. The lawsuit alleges that Panini threatened to cut off distributors if they dared to carry Wild Card products.
It’s a classic case of the middle-sized fish complaining about the shark, while the minnow complains about the middle-sized fish.
Disney Lorcana and the Upper Deck "Victory" That Wasn't
Remember when everyone thought Disney Lorcana was going to get shut down before it even launched? Upper Deck sued Ravensburger (the maker of Lorcana), claiming the lead designer, Ryan Miller, stole the "Rush of Ikorr" game mechanics from them.
Well, that saga mostly wrapped up in October 2025. A federal judge in Seattle, Kimberly Evanson, basically told Upper Deck to take a hike. She dismissed the copyright claims, stating that game mechanics cannot be copyrighted. You can't own the idea of "tapping" a card or "drawing" from a deck.
- The Result: Ravensburger is now chasing Upper Deck for $3.8 million in legal fees.
- The Settlement: Ryan Miller settled a separate breach of contract claim for a relatively tiny $39,000.
- The Dutch Twist: Upper Deck isn't giving up. They've moved the fight to the Netherlands, hoping European law is more sympathetic to their "stolen ideas" argument.
Is PSA Grading Broken? The 2026 Fraud Allegations
If you’re a Pokémon or TCG collector, the trading card lawsuit news you care about is probably centered on grading. Collectors are currently losing their minds over "Buyback-gate."
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The rumor—and some anecdotal evidence—suggests that PSA has been buying back "misgraded" 9s, cracking them, and regrading them as 10s to sell through partners like GameStop. PSA claims these are just "system glitches" or human error.
Skeptical? You should be.
There’s a growing movement of collectors calling for a class-action lawsuit over "grade manipulation." While no major federal filing has hit the docket yet in 2026, the Department of Justice has been reportedly "taking affidavits" regarding the relationship between grading companies and the secondary market.
The conflict of interest is glaring. When the company that decides the value of your card (by giving it a grade) also has a financial interest in selling that card, the whole "objective third party" thing goes out the window.
The Consumer Strikes Back: The $19.3M Factor
Don't think it's just the big corporations fighting. In mid-2025, a massive class-action lawsuit was filed by Phillip Jones against Fanatics and the major sports leagues (NFL, NBA, MLB). This is the one to watch if you’re a regular collector.
The claim is simple: because Fanatics has a monopoly, prices for a box of cards have skyrocketed while quality has tanked. The lawsuit seeks "treble damages"—that’s triple the actual losses—for every collector who bought a Fanatics-licensed product since 2022.
If this gains traction, we could see a massive settlement. Think of it like those old "if you bought a box of cereal between 1994 and 1996" settlements, but for people who spent $500 on a box of Topps Chrome.
What This Means for Your Collection
So, what should you actually do? Legal drama isn't just noise; it affects the value of the plastic slabs in your safe.
1. Watch the NFL Transition
The NFL license officially moves from Panini to Fanatics in early 2026. This is happening right now. Expect Panini to dump whatever inventory they have left. Prices for "last year" Panini products might dip as they lose the "official" tag.
2. Diversify Your Grading
If the PSA heat gets too high, the "PSA 10 Premium" might start to evaporate. Keep an eye on BGS (Beckett) or SGC. If a major lawsuit actually lands against PSA, the market will panic-sell slabs. Don't be the person holding a 100% PSA portfolio if that happens.
3. Don't Overpay for "Artificial Scarcity"
The Fanatics antitrust case is exposing how these companies "throttle" supply to keep prices high. If the courts force more competition, we might see a flood of new licensed products, which usually kills the "investment" value of modern cards.
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4. Follow the Money in the Netherlands
Keep an eye on the Upper Deck vs. Ravensburger case in Europe. If Upper Deck wins there, it could set a precedent that changes how freelance game designers work. It might even lead to a "Lorcana 2.0" or a rebranding if they are forced to change mechanics.
The hobby is in a weird spot. We're halfway through 2026, and the "Junk Wax 2.0" era feels like it's being replaced by the "Lawsuit Era." It’s a lot to keep track of, but staying informed is the only way to make sure your collection doesn't turn into expensive wallpaper.
Keep an eye on the Southern District of New York court dockets. That’s where the future of your hobby is being decided.
Next Steps for Collectors:
- Audit your PSA slabs: Check your certification numbers against the "buyback" lists circulating on hobby forums.
- Monitor Fanatics' retail pricing: If the class-action lawsuit progresses, we may see temporary price freezes or "make-good" programs for consumers.
- Verify licenses: Before buying high-end 2026 NFL or NBA products, ensure they carry the official league hologram; the transition period is causing a lot of "unlicensed" confusion in the market.