Judge Approves $7.25 Billion Settlement with Visa, MasterCard and Major U.S.
Banks for Alleged Anticompetitive Practices and Price Fixing In Setting
MINNEAPOLIS, Dec. 13, 2013
MINNEAPOLIS, Dec. 13, 2013 /PRNewswire/ -- Judge John Gleeson of the United
States District Court Eastern District of New York today approved the historic
antitrust settlement of $7.25 billion between a class of over 8 million U.S.
merchants who accept Visa and MasterCard credit cards and debit cards, and
Visa, MasterCard and Major U.S. banks. The settlement is with payment card
networks Visa and MasterCard and with card-issuing banks, including JPMorgan
Chase, Bank of America, Citibank, Wells Fargo, Capital One and other major
Robins, Kaplan, Miller & Ciresi L.L.P. reached the settlement on July 13,
2012. After a fairness hearing held September 12, 2013, the judge has today
concluded that the settlement "which is recommended by experienced and
competent counsel," easily meets the standard for approval. The motion for
fees and costs will be decided separately. A status conference regarding the
next steps in the case shall be held on January 10, 2014.
"We are very gratified that Judge Gleeson has found the settlement to be
worthy of final approval, and that he found that the objections were
ill-founded. We look forward to the next steps in finally consummating the
settlement and getting the funds into the hands of the members of the class,"
said K. Craig Wildfang, the partner at Robins, Kaplan, Miller & Ciresi L.L.P.
who led the case for the Class Plaintiffs as co-lead counsel, along with
Thomas Undlin, also a partner at the firm.
Robins, Kaplan, Miller & Ciresi L.L.P. filed the case in 2005, and was
appointed by the United States District Court for the Eastern District of New
York, along with two other law firms, to represent the class in the case. The
settlement that has now resolved the case is believed to be the largest ever
settlement of a private antitrust case under the Sherman Act (15 U.S.C. §1 et
The case is In re Payment Card Interchange Fee and Merchant Discount
Litigation, 05-MD-1720 (JG)(JO). The other two co-lead counsel law firms that
represent the class of merchants are Berger & Montague, P.C. and Robbins
Geller Rudman & Dowd LLP.
About Robins, Kaplan, Miller & Ciresi L.L.P.
Robins, Kaplan, Miller & Ciresi L.L.P. (http://www.rkmc.com) celebrates 75
years as a litigation firm whose clients include numerous Fortune 500
corporations, emerging markets companies, entrepreneurs, and individuals as
both plaintiffs and defendants. With more than 230 lawyers located in Atlanta,
Boston, Los Angeles, Minneapolis, New York and Naples (FL), the firm is
frequently engaged in high-stakes, complex litigation with significant
bottom-line implications for clients. Its business lawyers handle complex
transactions in a variety of market segments and industries.
Robins, Kaplan, Miller & Ciresi L.L.P. has regularly received a top ranking
for litigation from Chambers USA and was chosen as a "Go-To Law Firm" by
Corporate Counsel and was named the "Minnesota Firm of the Year" and the
Midwest "Intellectual Property Firm of the Year" by the inaugural US Benchmark
Awards. In addition, Multicultural Law ranked the firm as one of the top
national law firms for diversity in 2012. The American Lawyer ranked the firm
seventh in the country in the 2013 Pro Bono Survey, and twice named the firm
to the A-List (2007 and 2004).
SOURCE Robins, Kaplan, Miller & Ciresi L.L.P.
Contact: Vivian Hood, Phone: 904-220-1915, Email: email@example.com
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