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.
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.
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.
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.
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Britain's payment systems regulator (PSR) will conduct two market reviews of card fees charged by Visa and Mastercard, the U.S. companies that account for 99% of debit and credit card payments in the UK. The PSR's announcement on Tuesday follows heavy pressure from lawmakers to launch...
