The Litigator

THE LITIGATOR

Commentary on Law Affecting Business

The Litigator
AGM :: Affleck Greene McMurtry LLP

THE LITIGATOR

Affleck Greene McMurtry LLP
365 Bay Street, Suite 200  ·  Toronto, Canada
416 360 2800  ·  info@agmlawyers.com  ·  www.thelitigator.ca

Credit Card Class Actions

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

About the credit card

The plaintiffs in these class actions claim that rules established by the Visa 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 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
16-Aug-13 $7,750,000
1-Apr-15 $4,250,000
22-Apr-15 $1,630,000
Total: $13,630,000

Our commentary

See our commentary on this class action:

 

 

Daphne Hooper
LLP

Daphne Hooper

Daphne is a former associate of Affleck Greene McMurtry LLP

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