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.

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.
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K. Craig Wildfang

Partner

Co-Chair, Antitrust and Trade Regulation Group

Stacey Slaughter

Partner

Member of Executive Board

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