Achieved Extraordinary $5.54 Billion Settlement in Interchange Fee Litigation
December 16, 2019
In re Payment Card Interchange Fee and Merchant Discount Litigation, No. 05-md-1720 (E.D.N.Y.)
For a class of 10 million merchants, Robins Kaplan pursued an innovative theory that Visa’s and Mastercard’s interchange fee structure and rules are anticompetitive. The $5.54 billion settlement, which was granted final approval, is the largest known settlement of a private antitrust action in the 120-year history of the Sherman Act. Defendants include Visa and Mastercard, as well as major card-issuing banks such as JPMorgan Chase, Bank of America, Citibank, Wells Fargo, and Capital One. Appeals are fully briefed and awaiting argument.
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