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Constantine Cannon Legal Victory Helps Client Achieve Outstanding Quarterly Profits

Posted  October 6, 2009

Discover Financial Services more than tripled its profits in the third fiscal quarter 2009, due in part to the antitrust settlement that Constantine Cannon and co-counsel secured last year. According to Discover’s quarterly financial statement, the company’s profits included approximately $287 million (after tax) in settlement payments relating to this lawsuit.

In October 2008, Discover recovered $2.75 billion – the third-largest antitrust recovery in world history – from Visa and MasterCard.  This settlement was the result of a lawsuit alleging that the defendants illegally blocked Discover from issuing credit and debit cards through banks.  Discover’s lawsuit followed a successful action against Visa and MasterCard by the Antitrust Division of the United States Department of Justice, which proved that the defendants had violated the antitrust laws.

For more information about this successful recovery, click here.

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