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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...

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