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ReadersSpeak

The disappearing $2+ billion settlement "This is not a settlement; it is a confiscation," Judge Leval
said during the June hearing. "No merchants operating
ow come there's been no mention lately of the from Nov. 28, 2012, until the end of time will ever be
huge settlement with Visa and Mastercard allowed to sue the defendants, either for damages or for
that was in the billions of dollars? Were mer- an injunction, complaining of any conduct (other than that
H chants ever paid? enjoined) that could have been alleged in the present suit."

Will Dunlea We have heard nothing about the case since this ruling but
Merchant Level Salesperson will continue to report on it as new developments come to
Will, our attention. Thank you for your question.
Editor
Settlement of the lawsuit over interchange fees and card
brand rules filed by 12 million retailers against Visa, Feedback always welcome
Mastercard and their issuing banks unraveled in June We wish to thank Michael Petitti, Senior Vice President
2016, when a three-judge panel in New York's 2nd U.S. of Global Alliances at Trustwave Holdings Inc., for the
Circuit Court of Appeals declared the 2013 settlement null following note:
and void. In a unanimous decision, they assailed plaintiffs'
attorneys for being overpaid and underincented due to I've long known The Green Sheet and have a high regard
conflicts of interest that prohibited them from effectively for the work you do. I've always been a subscriber and
representing clients. an avid reader, and I think you guys do a terrific service
for the ISO community. It's a great publication.
The judges took issue with the fact that retailers who
would take Visa and Mastercard cards in the future shared We welcome notes from readers ‒ those that let us know
counsel with retailers who had accepted those cards in the what we're doing well and those that let us know how
past. The court thus found the deal was unfair to at least we can do an even better job of helping the payments
some of the merchants accepting the cards in the future. industry's all-important feet on the street. So drop us a
line at greensheet@greensheet.com.