In re Payment Card Interchange Fee and Merchant Discount Litigation, 05-MD-1720 (JG)(JO)

Robins Kaplan, serving as plaintiffs’ co-lead counsel, recently reached a $6.25 billion antitrust settlement on behalf of a class of over 10 million U.S. merchants who have accepted Visa and Mastercard credit cards and debit cards for the purchase of goods and services. The 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. The settlement, which is subject to possible reduction of up to $700 million in the event opt-outs exceed a certain threshold, is believed to be the largest-ever antitrust class action settlement. The settlement was filed with the District Court on a request for preliminary approval on September 18, 2018.