Wild Card Files Lawsuit Against Panini Alleging Anti-Competitive Practices
- SLAB-Z
- Nov 8, 2025
- 2 min read
Updated: Nov 13, 2025
While giants like Topps and Panini dominate the trading card landscape, collectors have long celebrated smaller innovators like Leaf and Wild Card for delivering high-quality, limited-run products that prioritize accessibility. Among these underdogs, Wild Card stands out with a unique legacy: though officially brought back in 2021 under CEO Daniel Atkins, the brand traces its roots back over 30 years, pioneering innovations that reshaped the hobby. Did you know Wild Card introduced the industry’s first parallel cards and redemption programs—concepts now standard across the collectibles world? This blend of history and modern ambition makes Wild Card a fascinating case study in how niche players continue to leave oversized footprints on the trading card universe.
Trading card manufacturer Wild Card initiated a federal antitrust lawsuit on Thursday against industry rival Panini America, accusing the company of leveraging its market dominance to stifle competition.
The lawsuit, filed in Texas, alleges Panini engaged in anti-competitive tactics by pressuring distributors and manufacturers to sever ties with Wild Card. According to the complaint, Panini warned distribution partners during an October 2021 meeting that continuing to work with Wild Card would result in “consequences.” Four major distributors subsequently withdrew from existing agreements with Wild Card despite strong sales performance, the suit claims.
Wild Card asserts that Panini’s actions blocked access to over 50% of its premium trading card distribution channels in the U.S., crippling its revenue and operational capacity. The company also alleges Panini intimidated a manufacturer specializing in premium card production, leading the supplier to abandon Wild Card projects.
In its filing, Wild Card argues that Panini’s conduct violated federal and state antitrust laws by “eliminating competition, reducing innovation, and entrenching its monopoly power.” The Tennessee-based startup seeks treble damages, attorney fees, and injunctive relief to halt Panini’s alleged anti-competitive practices.
Background on Companies
- Wild Card: Founded in 2021 and headquartered in Nolensville, Tennessee, the company produces trading cards featuring athletes and pop-culture franchises.
- Panini America: Based in Irving, Texas, Panini has held exclusive licensing agreements with major sports leagues, including the NFL, NBA, and WNBA, since 2009. Its parent company, Panini Group, was established in Italy in 1961 and operates globally in collectibles and publishing.
Broader Legal Context
Panini is concurrently embroiled in a separate antitrust battle with Fanatics, the retail giant that recently secured exclusive trading card licenses for the NFL and NBA. Panini sued Fanatics in 2023, alleging monopolistic practices, while Fanatics countersued, accusing Panini of interfering with employment contracts after hiring key Panini staff. Both cases remain in discovery, with trials expected no earlier than 2027.
Implications
If successful, Wild Card’s lawsuit could challenge Panini’s long-standing control over sports trading card distribution and manufacturing. The outcome may also influence ongoing disputes between Panini and Fanatics, reshaping an industry increasingly defined by exclusive licensing deals and consolidation.
Wild Card’s case underscores growing scrutiny of anti-competitive behavior in collectibles markets, where access to distributors and production partners often determines market viability for newer entrants.
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