VisaCheck/MasterMoney Antitrust Litigation

Summary of Case and Settlement:

Master File No. 96-5238 (E.D.N.Y.). Cafferty Clobes’s client, Burlington Coat Factory Warehouse, and the other Plaintiffs alleged that Visa and MasterCard were violating the antitrust laws by forcing retailers to accept all of their branded cards as a condition of acceptance of their credit cards. On June 4, 2003, the parties entered into settlement agreements that collectively provided for the payment of over $3.3 billion, plus widespread reforms and injunctive relief. On December 19, 2003, the Settlement was finally approved by Judge John Gleeson. On January 4, 2005 the Second Circuit Court of Appeals affirmed Judge Gleeson’s decision.

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