Payment Card Interchange Fee and Merchant Discount Antitrust Litigation
The merchant plaintiffs in In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL No. 1720 (MKB)(JO), have asked a federal court in Brooklyn to preliminarily approve their landmark class action settlement. If preliminarily approved, court notice of the proposed settlement will be given to merchant class members and a hearing to determine whether to grant final approval of the settlement will be scheduled by the court.
Robbins Geller attorneys, serving as co-lead counsel on behalf of merchants, have reached a $6.26 billion cash settlement with defendants in this antitrust litigation. Defendants have contributed additional funds to the class settlement fund that remains from the earlier settlement in 2012, which was approved by the district court in 2013 but was then reversed on appeal in 2016. The case is pending preliminary approval before the Honorable Margo K. Brodie in the Eastern District of New York.