AmEx Ruling Prompts Questions On $7B Interchange Fee Deal
By Melissa Lipman (August 5, 2015, 8:53 PM EDT) -- A judge revealed details Tuesday about the improper communications between a lead plaintiffs' attorney in an antitrust class action against American Express Co. and a MasterCard Inc. lawyer, leading to questions about whether that misconduct threatens a related $7.25 billion settlement with MasterCard Inc. and Visa Inc. that the pair worked on.
U.S. District Judge Nicholas G. Garaufis rejected a proposed settlement, which would have effectively allowed surcharging across the credit card industry and landed attorneys for the merchants who brought the case $75 million in fees, in light of the "egregious conduct" of Gary Friedman. The judge said Friedman, one...
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