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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 – April 18, 2025

Posted  04/18/25
Legal and Regulatory Developments SPOTLIGHT: Republicans Pressure Fed on Debit Card Fees Payments Dive – April 14, 2025 Republicans on the House Financial Services Committee are seeking to reverse a late 2023 Federal Reserve decision that would cut fees that large financial institutions can charge merchants when consumers use debit cards to pay for goods and services. The 14 Republicans, including the...

Payments News Update – April 11, 2025

Posted  04/11/25
Legal and Regulatory Developments SPOTLIGHT: Swipe Fee Foes Find Legislative Support in Almost a Dozen States Payments Dive – March 28, 2025 Inspired by an Illinois law, legislators in multiple states are working to ban card swipe fees on sales tax and gratuities, with proposals pushed by retailers and restaurateurs gaining momentum. In recent years, merchants of all sizes have decried rising fees for...

Payments News Update – March 28, 2025

Posted  03/28/25
Legal and Regulatory Developments SPOTLIGHT: CFPB Seeks Extension to Respond to Nonbank Oversight Lawsuit Payments Dive – March 24, 2025 The Consumer Financial Protection Bureau asked a federal court in Washington for 60 more days to respond to a lawsuit against the agency over its efforts to oversee technology companies that offer digital payments tools. The federal agency finalized a new rule aimed at...

Payments News Update – March 21, 2025

Posted  03/21/25
Legal and Regulatory Developments SPOTLIGHT: Retail, Crypto Groups Converge to Back Stablecoin Legislation Payments Dive – March 14, 2025 Retail and cryptocurrency trade groups converged Thursday to air their shared interest in supporting legislation to create a regulatory regime for stablecoins, and they did so on a day when the Senate Banking Committee approved a bill attempting to do just that. The...

Payments News Update – March 14, 2025

Posted  03/14/25
Legal and Regulatory Developments SPOTLIGHT: Judge in CFPB Case ‘Leaning’ Toward Injunction Banking Dive – March 12, 2025 The federal judge in the National Treasury Employees Union’s case against Trump-era management of the Consumer Financial Protection Bureau said Tuesday she’s “leaning” toward issuing a preliminary injunction to keep at bay a plan to put the agency in “wind down...

Payments News Update – March 7, 2025

Posted  03/7/25
Legal and Regulatory Developments SPOTLIGHT: Visa and Mastercard Accused of Card Monopoly by UK Watchdog PYMNTS – March 6, 2025 Visa and Mastercard face regulatory action in the United Kingdom following a payments watchdog’s investigation. The Payment Systems Regulator (PSR) is considering “remedies” for the two companies after uncovering a lack of competition in the card payment market, according to...

Payments News Update – February 28, 2025

Posted  02/28/25
Legal and Regulatory Developments SPOTLIGHT: Durbin to Reintroduce Credit Card Competition Bill Payments Dive – February 25, 2025 Senate Minority Whip Dick Durbin plans to reintroduce the Credit Card Competition Act bill sometime “soon,” according to a spokesperson for his office. It’s not clear whether the Democrat will strike an alliance again on the legislation with Republican Sen. Roger Marshall,...

Payments News Update – February 21, 2025

Posted  02/21/25
Legal and Regulatory Developments SPOTLIGHT: CFPB Agrees to Pause Rumored Workforce Layoffs, Data Purge Bloomberg Law – February 14, 2025 Consumer Financial Protection Bureau employees got at least a two-week reprieve from an expected culling of the workforce after their union and the agency agreed to let a federal judge rule on the merits of the planned staff cuts and other efforts to shutter the...

Payments News Update – February 14, 2025

Posted  02/14/25
Legal and Regulatory Developments SPOTLIGHT: CFPB’s Future Hangs in the Balance After a Wild Weekend Banking Dive – February 10, 2025 A tombstone emoji was only the beginning. When Tesla CEO and Trump adviser Elon Musk on Friday posted “CFPB RIP” on X, the social media platform he owns, it was, to many, the first clue that the Department of Government Efficiency had infiltrated the agency. By the end...

Payments News Update – February 7, 2025

Posted  02/7/25
Legal and Regulatory Developments SPOTLIGHT: Credit Card Giants Drain Billions: Can Congress Take Action? GV Wire – February 4, 2025 Few Americans know that they spend on average $1,100 a year to pay for credit card transaction fees. In addition, U.S. retailers pay $170 billion annually to process credit card transactions, according to testimony from the Senate Judiciary Committee in November 2024. More...
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