We have led cases that have transformed the payments industry, resulting in major rule changes and billions of dollars in damages. Our clients have included merchants, trade associations, digital wallet companies, payment card networks, merchant payment processors, ATM deployers and startups.
Through litigation, regulatory investigations and counseling, we have developed a profound understanding of the payments landscape. Our lawyers are well versed in the history of the payments industry in the U.S. and around the world. We have vast expertise in Visa’s and Mastercard’s corporate structure and rules, competition among issuing banks, the acquiring and processing industry, the various international regimes that govern interchange fees, network rules, open banking and emerging payments like digital wallets.
Key cases:
SCL attorneys helped secure a landmark $3 billion settlement, which included injunctive relief valued by the district court between $25 million and $87 billion and required Visa and Mastercard to repeal the core restraint at issue, their policy of tying debit card acceptance to credit card acceptance.
SCL attorneys were co-lead counsel in Discover’s damages suit against Visa and Mastercard for their exclusionary rules that restricted Discover’s ability to enter into business arrangements with Visa and Mastercard member banks. After defeating a summary judgment motion by defendants and being awarded collateral estoppel (related to a prior Department of Justice case), Discover received a $2.75 billion settlement.
SCL attorneys served as co-lead counsel in litigation against Wells Fargo and National General Insurance Company over allegations that they force-placed duplicative and unnecessary insurance on auto loan customers in violation of federal racketeering and state competition laws. Plaintiffs obtained $432 million in settlements plus substantial relief for Wells Fargo customers.
SCL attorneys led a broad coalition of the largest merchants in the United States, including Walmart, Amazon, Costco, Starbucks, 7-Eleven, the Gap and Lowe’s, among others, that led the industry-wide objections to a $7.25 billion settlement, resulting in the vacatur of that agreement in the Second Circuit.
SCL attorneys reached a seven-figure settlement in an antitrust class action for plaintiffs who bought or sold gold, silver, platinum and palladium futures and options on such contracts on the New York Mercantile Exchange and Commodity Exchange.
SCL attorneys served as lead antitrust counsel and strategic adviser to an incipient joint venture of many leading merchants, including Walmart, Target, Lowe’s and Publix, among others. Leadership by SCL attorneys helped broker the first merchant-owned payment network in the United States.
SCL attorneys led the successful prosecution of Linkable’s breach of contract claim against Mastercard.
SCL attorneys led a group of merchant challengers to Visa’s rules that violated the Durbin Amendment, Section 1075 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. That advocacy resulted in a Federal Reserve clarification of the Durbin regulations and an FTC enforcement action against Visa’s rules.
SCL attorneys defended a LIBOR panel bank in litigation alleging collusive manipulation of the U.S. dollar LIBOR rate.