Reached a $7.25 billion antitrust settlement on behalf of a class of approximately seven million U.S. merchants who accept Visa and MasterCard credit cards and debit cards for the purchase of goods and services. The defendants included Visa and MasterCard, and major card-issuing banks such as JPMorgan Chase, Bank of America, Citibank, Wells Fargo, and Capital One. The settlement, which would have resolved the lawsuit, is believed to be the largest settlement of a private antitrust case in the 120-year history of the Sherman Act (15 U.S.C. §1 et seq.) and also included important reforms of the payment card industry.
The settlement was granted final approval in the District Court on December 13, 2013 over the objections of several class members. Some of those objectors appealed from the final approval order, and on June 30, 2016 a panel of the United States Court of Appeals for the Second Circuit reversed and vacated the District Court’s order, and remanded the case to the District Court “for further proceedings not inconsistent with” the Court of Appeals’ opinion.
*Past results are reported to provide the reader with an indication of the type of litigation we practice. They do not and should not be construed to create an expectation of result in any other case, as all cases are dependent upon their own unique fact situation and applicable law.