Nixed $7B Swipe Fee Deal Sends Warning On Class Conflicts
Law360, New York (June 30, 2016, 10:03 PM EDT) -- The Second Circuit's decision on Thursday to invalidate Visa and MasterCard's $7.25 billion antitrust settlement over interchange fees does not change the legal standards for settling class actions, but it sends a powerful signal that class representatives can't get away with compromising someone else's fundamentally conflicting interests, experts say.
The Second Circuit found that the lawyers who negotiated the deal for retailers had an incentive to favor merchants who had accepted Visa and MasterCard in the past over those who would take the cards in the future. (Credit: AP) The appeals court found that the lawyers who negotiated the deal for retailers...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!