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Mealeys

Mealey's Antitrust/Unfair Competition - Explanation For $6.3B Credit Card Antitrust Settlement Issued; Appeal Filed

NEW YORK - On Jan. 3 - one day after a federal judge in New York released a memorandum and order explaining her reasoning behind a Dec. 13 approval of a final settlement valued at more than $6.3 billion in a class complaint brought on behalf of more than 12 million nationwide merchants, including franchisees, who accept or accepted Visa and Mastercard-branded cards for payments who alleged that the Visa, Mastercard and the issuing banks harmed competition and charged supracompetative fees - two class members filed a notice of appeal in the U.S. District Court for the Eastern District of New York (In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, No. 05-MD-1720, E.D. N.Y., 2019 U.S. Dist. LEXIS 216796).
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