On December 16, 2019, U.S. District Judge Margo K. Brodie of the Eastern District of New York granted final approval to a $6.3 billion settlement between credit card companies and merchants to resolve the merchants’ allegations that Visa, Mastercard and several big banks jointly maintained a series of anti-competitive rules that caused merchants to pay excessive transaction fees. In addition to approving the settlement, which was widely reported to be the largest antitrust settlement in U.S. history, Judge Brodie also granted attorneys’ fees amounting to $523 million and $39 million in expenses.
The lawsuit alleged that merchants paid excessive fees to accept Visa and Mastercard cards because the payment cards, individually and together with their respective member banks, violated the antitrust laws. The challenged conduct included the collective fixing of interchange fees and adoption of rules that hindered any competitive pressure by merchants to reduce those fees.
About Faruqi & Faruqi, LLP
Faruqi & Faruqi, LLP focuses on complex civil litigation, including securities, antitrust, wage and hour and consumer class actions as well as shareholder derivative and merger and transactional litigation. The firm is headquartered in New York, and maintains offices in California, Georgia and Pennsylvania.
Since its founding in 1995, Faruqi & Faruqi, LLP has served as lead or co-lead counsel in numerous high-profile cases which ultimately provided significant recoveries to investors, direct purchasers, consumers and employees.
To schedule a free consultation with our attorneys and to learn more about your legal rights, call our offices today at (877) 247-4292 or (212) 983-9330.
About Kristyn Fields
Kristyn Fields' practice is focused on antitrust litigation. Kristyn is a Senior Associate in the firm's New York office.Prior to joining F&F, Kristyn interned for the Honorable Martin Marcus, New York Supreme Court, Bronx County. As well, Kristyn participated in the Brooklyn Law Incubator & Policy Clinic providing pro bono counsel to emerging start-up companies. While at Brooklyn Law School, Kristyn served as an Executive Articles Editor of the Brooklyn Journal of Corporate, Financial & Commercial Law. Also, Kristyn was a member of the Moot Court Honor Society.Kristyn earned her J.D. from Brooklyn Law School (2016). Kristyn earned her undergraduate degree from Boston College (B.A., Political Science, 2013).Kristyn is licensed to practice law in New York.
Kristyn Fields
Partner at Faruqi & Faruqi, LLP
New York office
Tel: (212) 983-9330
Fax: (212) 983-9331
E-mail: kfields@faruqilaw.com
Social: LinkedIn