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Compelling Commentary on Law Affecting Business

The Litigator
AGM :: Affleck Greene McMurtry LLP

THE LITIGATOR

Affleck Greene McMurtry LLP
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Credit Card Class Actions

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Anti-competitive? Plaintiffs claim that credit card network rules constitute an unlawful conspiracy.

About the credit card class actions

The plaintiffs in these class actions claim that rules established by the and networks constitute a conspiracy to fix the fees that merchants pay (namely, merchant discount rates and interchange fees), contrary to section 45 of the Competition Act.

The defendants include Visa, MasterCard, the “Big Five” Canadian banks, and a number of other smaller Canadian and foreign credit card issuers.

Settlements

To date, a few foreign bank defendants have agreed to pay over $13 million. The following table itemizes the settlements to date:

Parties Date Settled Class Action Settlements
Bank of America 16-Aug-13 $7,750,000
Capital One 1-Apr-15 $4,250,000
Citigroup 22-Apr-15 $1,630,000
Total: $13,630,000

Our commentary

See our commentary on this class action:

 

 

Daphne Hooper
Affleck Greene McMurtry LLP

Daphne Hooper

Daphne Hooper has recently joined Affleck Greene McMurtry LLP and intends to concentrate her skills in various areas of Civil Litigation and Competition Law. Daphne articled with Affleck Greene McMurtry LLP and has become a valued member of the team.

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