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Second Circuit Affirms Record $5.6 Billion Recovery in Antitrust Case
March 16, 2023
In the largest settlement of a private antitrust action in the 130-year history of the Sherman Act, Robins Kaplan LLP announced on March 15, 2023 that the United States Court of Appeals for the Second Circuit unanimously upheld the District Court’s order giving final approval of a $5.6 billion settlement on behalf of U.S. merchants in the In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation. The case alleges that Visa, Mastercard, and their member banks violated antitrust laws and charged merchants who accept credit and debit cards supra-competitive fees on card transactions.
“We are proud of our work and the many years of effort by our clients that went into securing this historic settlement. We are gratified by the Second Circuit decision and look forward to bringing this case to a conclusion so we can get the settlement funds into the hands of the merchants as soon as possible,” said Craig Wildfang, partner at Robins Kaplan LLP and a lead attorney handling the case.
Robins Kaplan LLP, who serves as co-lead counsel in this case with Berger Montague PC and Robbins Geller Rudman & Dowd LLP, filed the first case in this consolidated action over 18 years ago. While there is a chance of further proceedings and then administrative work to distribute the funds to class members, the Second Circuit decision is a major milestone toward completion.
Lead Robins Kaplan attorneys in this matter include Craig Wildfang, Thomas Undlin, Ryan Marth, Stacey Slaughter, and Geoffrey Kozen.
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