2d Circuit Rejects Class Action Settlement in Case against Visa and Mastercard

Here is the 2d Circuit opinion dismissing the $5 billion plus settlement of class action litigation by retailers against Visa and Mastercard over swipe fee policies.  The problem with the settlement was that some retailers in the class of plaintiffs were not adequately represented.  Judge Leval wrote:  “This is not a settlement, it is a confiscation.”