This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
In May 2023, the FTC finalized a consent order finding that Mastercard used "illegal business tactics" to force merchants onto its debit payment network, violating the Durbin Amendment's requirement that merchants have routing choices. The order runs 10 years with annual compliance reporting. Separately, Mastercard is co-defendant with Visa in a massive ongoing merchant class action over interchange fees; an amended settlement proposed November 2025 would cut interchange rates and allow merchants to decline some high-cost cards (pending court approval, expected late 2026). A $197.5M ATM fee antitrust settlement with Visa and Mastercard received final court approval in June 2025. The earlier 2010 DOJ settlement addressed anticompetitive merchant-steering restrictions.
Research Sources
4 organizations
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.