News & Analysis as of

Second Circuit Rejects Massive Class Action Settlement and Affirms Importance of Adequate Representation and Due Process Rights...

The Second Circuit Court of Appeals recently considered whether the largest negotiated cash settlement in a class action antitrust case satisfied the Federal Rules of Civil Procedure and constitutional due process concerns...more

Mixed Blessings – Sainsbury’s Supermarkets Ltd v MasterCard Incorporated and others [2016] CAT 11

This case is very important in that it is one of the first judgments where damages have been awarded for breach of competition rules in UK. It relates to MasterCard’s alleged anticompetitive card fees (credit and debit...more

Selfies: Changing the “Face” of Retail

Selfies are everywhere. From selfie sticks to photo editing applications, people are looking for new and better ways to take photos of themselves. At the same time, retailers are creatively taking advantage of our selfie...more

What Have Merchants Gained from Payment Card Antitrust Litigation?

In recent years, federal antitrust enforcers and businesses that accept payment cards have been waging a slow war against payment card fees and the card network rules that protect them. The payment card industry’s antitrust...more

The Competition Appeal Tribunal Hands Down its Highest Ever Damages Award in a Flurry of Firsts

The Competition Appeal Tribunal (CAT) has ordered MasterCard Incorporated (MasterCard) and others to pay £68.6 million in damages to Sainsbury’s Supermarkets Ltd (Sainsbury’s). The CAT held that MasterCard restricted...more

Network Rules Occupy Second Circuit, U.S. Supreme Court

Issues surrounding network rules made headlines recently, with the Second Circuit Court of Appeals rejecting a $7.25 billion deal between Visa and MasterCard and approximately 12 million merchants claiming the networks worked...more

Procompetitive Effects of Business Associations in the Balance?: Business Association Membership and the Sufficiency of Sherman...

What facts beyond mere membership in a trade association trigger Sherman Act liability? Next term, the Supreme Court will hear an antitrust case testing the requirements for pleading the conspiracy element of a claim brought...more

Your daily dose of financial news - The Brief – 7.6.16

How often are we going to be hearing about Brexit aftershocks? I’d expect you better get used to it. Today’s edition: two other real estate funds (these run by Aviva ad M&G) have joined Standard Life in freezing withdrawals...more

Declined: Second Circuit Panel Shreds Visa and MasterCard Antitrust Settlement

A Second Circuit panel rejected the settlement reached between defendants Visa, MasterCard, and various banks, and plaintiffs, approximately 12 million merchants who alleged the principally identical network rules of Visa and...more

Visa/Mastercard Class Action Settlement Struck Down Due To Intraclass Conflict

Last week, the Second Circuit reversed the approval of what was reportedly the largest antitrust class action settlement in history, valued at $7.25 billion. In re Payment Card Interchange Fee and Merchant Discount Antitrust...more

Home Depot Alleges Visa, MasterCard Colluded To Delay Chip-and-PIN Implementation; Exposed Retailers, Consumers to Data Breach...

A recent bombshell lawsuit by The Home Depot alleges patterns of antitrust violations, illegal collusion, and anti-competitive conduct by the Visa and MasterCard credit card networks. The suit arises in a climate in which the...more

Does Your Company Have Coverage for PCI Fines & Penalties in its Cyber Policy?

Payment Card Industry fines and penalties are fines charged by payment card brands like Mastercard and Visa to merchants’ acquiring banks for violation of their industry rules and regulations, which often occurs when there is...more

District Court Grants Summary Judgment Against P.F. Chang’s In Cybersecurity Insurance Case

On June 13, 2016, the United States District Court for the District of Arizona granted summary judgment against P.F. Chang’s China Bistro, Inc. (“P.F. Chang’s”) in a cybersecurity insurance lawsuit that it brought against its...more

New York Supreme Court Rules that Merchant Lacks Standing to Sue MasterCard over Data Security Breach Assessments; All Merchants...

On May 5, the Commercial Division of the New York Supreme Court for Westchester County dismissed the complaint in Jetro Holdings, LLC v. MasterCard International, Inc., in which Jetro, a leading food service wholesaler, had...more

Arizona Federal District Court Finds No Coverage for P.F. Chang’s for PCI Assessments

In one of the first decisions construing coverage under a stand-alone cyber insurance policy in the wake of a large-scale cyber security breach, the Arizona Federal District Court rejected restaurant franchisor P.F. Chang’s...more

Your daily dose of financial news - The Brief – 6.16.16

As expected, the Fed announced yesterday that it was holding current interest rates steady and would be slow to push rates up while the economy tiptoes toward stability. Much more from Chair Yellen and economists’ reaction...more

Federal District Court Finds No Cyber Insurance Coverage For Costly Credit Card Fraud Assessments

In one of the first court decisions to analyze in depth the coverage provided by a cyber policy, a federal judge has found that PF Chang’s policy came up short. Following a 2014 data breach in which hackers accessed and...more

[Webinar] Robins Kaplan Tribal Litigation Update: How Tribes may be able to recover damages from recent antitrust lawsuits - May...

On July 13, 2012, Robins Kaplan LLP reached a $7.25 billion settlement with Visa, MasterCard and major US banks for alleged anticompetitive practices and price fixing in setting credit card interchange fees. One of the lead...more

Your daily dose of financial news The Brief – 4.20.16

As Yahoo took stock of its suitors yesterday, it released word that its business “continued to deteriorate in the first quarter, putting more pressure on the company to find a buyer quickly for its Internet operations.”...more

Authenticating Purchases with Facial Recognition

Facial recognition technology has rapidly advanced in sophistication and accuracy over the years. Early use of the technology was focused on facial detection in security systems. Since 2014, the federal government has...more

Violation of OFAC Reporting Requirements: “No Harm, No Foul”? No Way!

A recent enforcement action by the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) against MasterCard International Incorporated (“MasterCard”) stands as a reminder of the importance of strictly...more

Target Settles Data Breach Class Action Suit With Banks For $39 Million

Target has agreed to a $39 million settlement in a class action suit with several U.S. banks stemming from Target’s massive 2013 data breach. That data breach affected customers who shopped at U.S. Target stores between...more

Target Agrees to $39 Million Settlement with Credit Card Issuers’ Data Breach Claims

Still recovering from its 2013 data breach, Target Corp. agreed to a $39 million settlement with a class of banks suing the well-known retailer, marking the settlement as the first class-wide data breach pact ever reached on...more

Target and Card Issuers Reach Final Data Breach Settlement

Two years after the massive holiday season theft of customers’ payment card data from Target point of sale terminals, the Target data breach litigation appears to be entering its final act. On Tuesday, December 1, Target...more

The EMV Liability Shift - What’s Next?

Over the past several years, the major credit card networks (VISA and MASTERCARD) have begun the process of converting credit card usage in the United States to the EMV standard. The EMV standard is a method of preventing...more

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