In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation
Labaton Sucharow serves on the Executive Committee in this lawsuit filed on behalf of a proposed class of merchants who purchased credit card processing services directly from defendants, Visa and Mastercard as well as their member banks.
Plaintiffs allege that, between January 1, 2004 and the present, defendants conspired to unlawfully fix the price of "interchange fees" and other fees charged to merchants for transactions processed over the Visa and Mastercard networks. The case is pending before the Honorable Judge Gleeson in the Eastern District of New York.
Joint hearings on defendants' motions to dismiss and plaintiffs' motion for class certification were held in November 2009, and summary judgment motions were filed in the spring of 2011.
The district court granted final approval of a $6 billion settlement in December 2013. The approval order is currently being appealed to the Second Circuit.