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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 – June 13, 2025

Posted  06/13/25
Legal and Regulatory Developments SPOTLIGHT: Is Cash Legislation Making a Comeback? ATM Marketplace – June 10, 2025 Cash has certainly taken multiple hits over the years, due in no small part to COVID-19 and increasing usage of other payment options. In addition, with many businesses considering going cashless, both the ATM industry and other groups have raised concerns over the years of cash users being left...

Payments News Update – June 6, 2025

Posted  06/6/25
Legal and Regulatory Developments SPOTLIGHT: EU Antitrust Regulators Escalate Visa, Mastercard Probe, Documents Show Reuters – June 3, 2025 EU antitrust regulators are asking retailers and payments companies whether a standardized summary of fees by Visa and Mastercard and more transparency on the charges would address their concerns, according to documents seen by Reuters. The latest questionnaires sent...

Payments News Update – May 16, 2025

Posted  05/16/25
Legal and Regulatory Developments SPOTLIGHT: FTC Holds off on Enforcing ‘Click to Cancel’ Subscription Rule PYMNTS – May 11, 2025 What if canceling a subscription were as easy as signing up for one? That was the thinking behind the Negative Option Rule — more popularly known as the “click to cancel” regulation, first proposed in 2023. That rule went into effect earlier this year, with enforcement...

Payments News Update – May 9, 2025

Posted  05/9/25
Legal and Regulatory Developments SPOTLIGHT: D.C. Bill Latest Attempt to Nix Credit Card Swipe Fees on Tips and Taxes Forbes – May 2, 2025 A Washington D.C. bill is the latest to hit back at credit card swipe fees. The Fair Swipe Act of 2025, introduced by D.C. Councilmember Charles Allen, would prevent banks and credit card companies from collecting processing fees on sales tax and gratuities—charges that...

Payments News Update – May 2, 2025

Posted  05/2/25
Legal and Regulatory Developments SPOTLIGHT: Durbin to Keep Pushing Card Bill Payments Dive – April 28, 2025 Sen. Dick Durbin is retiring, but that doesn’t mean he’s done with credit card reform efforts. The Illinois Democrat announced last week that he wouldn’t seek re-election next year and his four-decade congressional career will end in January 2027. Still, he plans to use some of his dwindling...

Payments News Update – April 25, 2025

Posted  04/25/25
Legal and Regulatory Developments SPOTLIGHT: Sen. Durbin to Retire, Setting Stage for Renewed Credit Card Reform Push CU Today – April 23, 2025 Sen. Dick Durbin (D-IL) has announced he will not seek re-election next year—a move that likely signals increased efforts to have the Credit Card Competition Act passed in 2025. Durbin stated on X that he plans to serve the remainder of his term. The long-time...

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...
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