After three days of sparse quotes and speculation, the New York Eastern District court judge presiding over the latest chapter in the proposed credit card swipe fee settlement between Visa, Mastercard, and millions of merchants has posted her 88-page opinion. This opinion, delivered by U.S. District Judge Margo K. Brodie, comes almost a week after she indicated she would not approve the previous settlement negotiated in late March.

The general gist of the opinion is that Brodie was not likely to approve the proposed settlement because it failed to treat all merchants equitably and did not provide adequate relief compared to what merchants could potentially win at trial. This decision sends the parties back to the negotiating table in a case that has dragged on for nearly two decades.