Panini vs Fanatics Lawsuit: 2026 Status for Collectors

Updated: August 16, 2026

Panini’s antitrust lawsuit against Fanatics is still active in federal court. A March 2025 ruling allowed important antitrust claims to continue while dismissing or narrowing several other claims. The case was still in discovery in mid-2026. No court has ruled that Fanatics violated antitrust law, and no remedy has been ordered.

What is Panini alleging against Fanatics?

Panini sued in 2023 after Fanatics secured future exclusive trading-card rights with major leagues and players associations and acquired Topps. Panini alleges that Fanatics used long-term exclusive licenses, athlete autograph agreements and other conduct to monopolize or attempt to monopolize parts of the U.S. sports trading-card market. Fanatics disputes those claims.

The case is more complicated than a single argument about exclusive licenses. Sports cards often require separate rights to league marks, team uniforms and player names or likenesses. Our sports-card licensing guide explains why a product may have player images but no team logos, or logos but an incomplete autograph checklist.

Exclusive licensing is not automatically illegal. The legal questions include how the relevant market is defined, whether the challenged conduct harmed competition, whether Fanatics possessed or sought monopoly power, and whether there were legitimate business justifications. Those issues have not been resolved on the merits.

Where the lawsuit stands in 2026

The March 2025 order is the key procedural decision. A claim surviving a motion to dismiss means the pleadings were sufficient to continue at that stage. It does not mean Panini proved the allegation. Discovery orders likewise control what information the parties must exchange. They are not findings that the underlying conduct was unlawful.

Coverage of the discovery dispute can be found at Sports Business Journal, Front Office Sports and Law360. The court’s March 2025 ruling is available in the public case-file archive.

What has already changed for collectors?

The licensing transition is no longer hypothetical. Topps returned as the NBA’s licensed trading-card partner in October 2025. In April 2026, Fanatics Collectibles, the NFL and the NFL Players Association announced that Topps had become the official exclusive NFL and NFLPA trading-card licensee. Topps’ first fully licensed football products since 2016 followed.

Panini products made under earlier licenses do not become unofficial retroactively. Existing Prizm, National Treasures, Select and Donruss cards keep the licensing status they had when released. The transition mainly changes which company can issue new cards using current league and player-association rights.

Our guide to the 2026 NFL handoff to Topps covers that product-level shift separately.

What the lawsuit does not prove about card prices

Panini and a separate proposed consumer class action have alleged harm connected with reduced competition or higher prices. A law firm’s announcement of that class action is available from DiCello Levitt. It describes allegations from the plaintiffs’ side, not a court finding.

Box prices depend on more than licensing. Configuration, autograph guarantees, print volume, athlete demand, retailer allocation and resale speculation all affect what collectors pay. The Panini case may reveal evidence about contracts and competition, but it has not established that any particular hobby box was overpriced because of unlawful conduct.

A 2025 Senate letter asking the Department of Justice to review a separate Fanatics and Ticketmaster partnership is also not an enforcement action or a ruling in the Panini case. The letter is available from Senator Amy Klobuchar’s office. It shows broader congressional interest in competition questions around Fanatics, but it should not be used as proof of the trading-card allegations.

Possible outcomes, without pretending to predict the court

The parties continue through discovery and trial

The case could proceed toward summary judgment or trial after discovery. Some claims could be resolved before trial while others continue. A final merits decision would provide more guidance than the procedural rulings available today.

The parties settle

Commercial cases often settle, but no settlement should be assumed. Terms could be confidential, and a settlement would not necessarily change existing licenses or produce new card brands.

Fanatics defeats the remaining claims

Surviving dismissal does not guarantee Panini will win. Fanatics can continue to contest market definition, competitive harm, causation and damages.

Panini proves some or all remaining claims

If Panini ultimately succeeds, the court would determine relief based on the claims and evidence. It is too early to promise shared licenses, price controls, an unwind of contracts or any specific collector-facing remedy.

A collector checklist during the licensing transition

• Check the release year and rights. Confirm whether a product has league marks, player-association rights or only individual athlete deals.
• Read the checklist before preordering. Look for team logos, rookie coverage, autograph subjects, odds and stated box guarantees.
• Separate old licenses from new releases. A licensed Panini card from an earlier season does not lose its original status because Topps now holds the current rights.
• Use completed sales, not lawsuit headlines. Compare the same card, grade, parallel and sale date.
• Watch official schedules. Product pages from Topps, Panini, leagues and players associations are more reliable than rumors about delayed or canceled sets.
• Read redemption terms. Licensing transitions can complicate expectations, but the issuer’s written policy governs the claim.

Sources and case documents

• March 10, 2025 memorandum order on Fanatics’ motion to dismiss
• Public docket for Panini America v. Fanatics
• Fanatics, NFL and NFLPA announcement of the 2026 Topps license