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Electronic Payments Practice

Constantine Cannon has unparalleled expertise and worldwide recognition in cases involving the payments industry.  Since the firm’s formation in 1994, we have represented clients concerning virtually every major antitrust development in the payments space.  

This includes litigating every major antitrust case involving Visa, Mastercard and American Express since the 1990s. The firm has represented clients with respect to government investigations, mergers and joint ventures in the industry.  

Our payments industry expertise spans the convergence of fintech and digital commerce and payments.  We are adept at helping large, diverse groups of clients band together in complex cases that require significant time, stamina and legal acumen to plan and win. 

For instance, we serve as counsel for the 7-Eleven Group, the largest of several groups of retailers challenging Visa’s and Mastercard’s Honor All Cards and default interchange rules in a long-running multidistrict litigation.  The 7-Eleven Group includes many of the largest merchants in the United States, including Amazon, Costco, Lowes, Starbucks, Gap, Amtrak, 7-Eleven among many others.

Complex Cases, Major Wins

For millions of retailers, our lawyers secured what was then the largest antitrust settlement in U.S. history in In Re Visa Check/MasterMoney Antitrust Litigation. The case was brought by Walmart and other large retailers on behalf of a certified class of four million retailers that had been forced to accept Visa/MasterCard signature debit transactions at supra-competitive prices. Our work resulted in a monetary settlement of $3.4 billion (then three times the previous largest award) and injunctive relief estimated by the Court at upwards of $87 billion. 

Constantine Cannon also secured what was then the third largest antitrust settlement for client Discover Financial Services, Inc. Discover had sued Visa and MasterCard for damages regarding Visa’s and Mastercard’s enforcement of rules that precluded their bank members from issuing Discover-branded cards. The case resulted in a settlement of $2.75 billion on the eve of trial.

For a group of more than 60 merchants, including both Walmart and Amazon, we successfully objected to the $7.25 billion settlement of the class claims against Visa and Mastercard regarding their Honor All Cards and default interchange rules, among other practices.  That settlement was vacated by the Court of Appeals for the Second Circuit. 

Versatile, Nimble, Experienced

Our payments work extends well beyond the trial and appellate courts. Constantine Cannon regularly represents industry participants, including merchants, fintechs and networks, before federal and state antitrust enforcers and regulators. 

We served as lead counsel for the Merchant Payments Coalition, a coalition of the major merchant trade associations, before the Federal Reserve in connection with regulations adopted per the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding debit card transactions and debit card interchange fees. And we have remained deeply involved in ongoing advocacy for enforcement of debit regulation before the Federal Reserve and the Federal Trade Commission.

Our firm also serves as outside general counsel for the Merchant Advisory Group (the MAG), a payments-focused trade association comprised of more than 150 U.S. merchants and which account for more than $4.8 trillion in annual sales at more than 580,000 locations across the United States and online.

A Leader in Antitrust Issues

Constantine Cannon’s lawyers are thought leaders on issues related to electronic payments. Because of our deep expertise and winning track record, we are routinely asked to speak and write on e-payments developments. Here is a sampling of our articles:

 

Contact us to learn more about our antitrust expertise in electronic payments matters and subscribe to our Payments Blog for news updates and insights.  

 

To keep up with our Antitrust Team, subscribe to our Antitrust Today blog, follow us on LinkedIn & Twitter and listen to our podcast, Antitrust Matters.

 

Payments News Update – March 8, 2024

Posted  03/8/24
Legal and Regulatory Developments SPOTLIGHT: Taking the Measure of Click to Cancel Digital Transactions Magazine – March 1, 2024 Faced with a proposal to make it easier to stop a subscription, payments companies and subscription specialists have much to ponder. Everyone dreads the inevitable sales pitch that comes when trying to cancel some subscriptions. There’s multiple pages to read online and the...

Payments News Update – March 1, 2024

Posted  03/1/24
Legal and Regulatory Developments SPOTLIGHT: GOP Senators Propose Ban on Central Bank Digital Currencies The Hill – February 26, 2024 Republican senators introduced legislation Monday that would ban official cryptocurrencies backed by central banks, a type of proposed digital asset that the Biden administration and Federal Reserve have expressed interest in studying. GOP senators said that Fed-backed...

Payments News Update – February 23, 2024

Posted  02/23/24
Legal and Regulatory Developments SPOTLIGHT: US Supreme Court Wrestles With Bid to Challenge Debit Card 'Swipe Fee' Rule Reuters – February 20, 2024 U.S. Supreme Court justices on Tuesday grappled with a North Dakota convenience store's challenge to a government regulation on debit card "swipe fees" - a case that could make it easier for businesses to try to undo longstanding federal rules. Arguments in the...

Payments News Update – February 16, 2024

Posted  02/16/24
Legal and Regulatory Developments SPOTLIGHT: Senator Calls Card CEOs on Congressional Carpet Payments Dive – February 14, 2024 Sen. Dick Durbin, who has long railed about antitrust issues in the card network industry, told the CEOs of Visa and Mastercard they should show up for an April congressional hearing, and not send subordinates. In Monday letters to Visa CEO Ryan McInerney and Mastercard CEO Michael...

Payments News Update – February 9, 2024

Posted  02/9/24
Legal and Regulatory Developments SPOTLIGHT: Lawmakers Clash on CFPB Digital Payment Rule Payments Dive – February 1, 2024 Three Democratic U.S. senators wrote an open letter on Wednesday to Rohit Chopra, director of the Consumer Financial Protection Bureau, expressing support for a proposed rule that would let the bureau oversee digital payment apps, such as Zelle and Venmo. The letter, from Sens. Jack...

Payments News Update – February 2, 2024

Posted  02/2/24
Legal and Regulatory Developments SPOTLIGHT: Payments Regulation and Legislation Abound in 2024 Payments Dive – January 30, 2024 An odd pair of payments trends will drive increased regulatory and legislative scrutiny of the industry this year. Antitrust concerns are leading regulators and lawmakers to crack down on payments plays by dominant companies, such as card network Visa and tech titan Apple. But a...

Payments News Update – January 26, 2024

Posted  01/26/24
Legal and Regulatory Developments SPOTLIGHT: 'More Than Enough' Amex Evidence for Visa, Mastercard Trial Law360 – January 23, 2024 (subscription required) Visa and Mastercard appear bound for trial on antitrust claims over network rules forcing merchants to accept the companies' cards without the ability to steer consumers to cheaper swipe fee options, under a New York federal judge's ruling unsealed Monday...

Payments News Update – January 19, 2024

Posted  01/19/24
Legal and Regulatory Developments SPOTLIGHT: States Race Ahead of US Lawmakers in Payments Payments Dive – January 12, 2024 The federal government has made a valiant effort to keep up with the fast-changing world of payments, but it’s falling behind the 50 states lately. New York is a striking example of the phenomenon. Not only did that state pass a law requiring merchants to cap their credit card...

Payments News Update – January 12, 2024

Posted  01/12/24
Legal and Regulatory Developments SPOTLIGHT: 6 Payments Trends to Watch in 2024 Payments Dive – January 9, 2024 Swipe fee battles, real-time payments, fraud prevention and acquisition plans will be among the hot topics pulsing through the industry this year. Battles over card interchange fees, also known as swipe fees, will take center stage again this year, with payments industry forces clashing over them...

Payments News Update – January 5, 2024

Posted  01/5/24
Legal and Regulatory Developments SPOTLIGHT: NY Governor Pursues BNPL Regulation Payments Dive – January 3, 2024 New York Gov. Kathy Hochul announced Tuesday she’s pursuing buy now, pay later-related legislation that would require BNPL providers to obtain a license to operate in the state. The bill would also permit the state’s financial services department to propose and issue regulations for the...
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