Hulett Harper Stewart Helps Secure Record Antitrust Settlement

Hulett Harper Stewart LLP worked as part of small group of firms spearheading the litigation and settlement of interchange fee litigation on behalf of U.S. merchants.  The proposed class action settlement, which must be approved by the Court, will create a fund of up to $7.25 billion available to approximately seven million merchants to settle claims that Visa, MasterCard and more than a dozen of the nation’s largest banks conspired to restrain competition.

This groundbreaking proposed settlement also requires Visa and MasterCard to modify existing restrictions in their merchant rules enhancing competition and freeing retailers to encourage consumers to use cheaper and more efficient forms of payments.

If approved, this settlement will represent the largest ever recovery in an antitrust case and will be the second largest class action settlement ever.