The National Retail Federation (NRF) and the Retail Industry Leaders Association (RILA) recently submitted briefs to the Second Circuit Court to reverse the District Court’s approval of the $7.25 billion Visa and MasterCard interchange fee antitrust settlement. The briefs argue that the settlement essentially immunizes the credit card companies from future claims regardless of new circumstances or changes in technology. They also argued that the settlement’s certified class of 12 million entities has interests that are in conflict with one another. Groups of retailers within the class submitted separate briefs to address issues particular to them. For example, health insurers argued that the class did not share sufficient community of interests and said in their case they did not accept credit cards before this year when the Affordable Care Act took effect. The settlement was approved in December 2013 despite objections from thousands of retailers and other companies.
This case illustrates the difficulty in managing a class action lawsuit in light of the diversity among the parties involved.
More information may be found here.