Priceless: The Case which Brought Down the Visa/MasterCard Bank Cartel

Priceless: The Case which Brought Down the Visa/MasterCard Bank Cartel

Priceless: The Case which Brought Down the Visa/MasterCard Bank Cartel

“He won’t discuss revenue, however, he today accepts Visa: Settlement, billion, taking about MasterCard, Priceless.”—the New York Times

Lloyd Constantine started his job inside legal services, representing impoverished customers inside civil rights plus constitutional instances. Decades later, he might create headlines for representing stores plus customers against a cartel which undermined among the fundamental tenets of commerce inside America: competition. A man that thrives about competition himself, Constantine today offers you the insider’s story found on the largest antitrust suit inside history—a case which pitted his tiny fast against financial-industry leaders Visa plus MasterCard, together with Clifford-Chance, the biggest law fast inside the globe.

Combining the real-life legal drama of A Civil Action with all the relentless pace of the John Grisham novel, Constantine provides the conclusive account of the case which created history plus is studied for a long time to come. Beginning in the 1980s, whenever Visa plus MasterCard—whose combined marketplace share topped 95 percent—announced the merger of their debit card networks, Priceless traces the fallout of the catastrophic union, from raised eyebrows amidst lawyer generals to the release of the main class-action suit. For the five merchants initially represented by Constantine’s fast (Wal-Mart, Sears, Circuit City, Safeway, plus The Limited), the truth of the condition was clear: millions of U.S. companies were being illegally coerced inside a scheme which forced excessive fees about merchants each time a customer utilized a debit card. Whenever a .4 billion settlement was reached inside 2003, the courtroom estimated which the case might conserve shops plus consumers as much as billion inside the initial decade alone.

A suspense-filled story with a vibrant cast of characters—and a smoking-gun document well-known as “The Shark”—Priceless travels from business backrooms to the courtroom to capture 1 of America’s largest triumphs inside the high-stakes globe of antitrust litigation.

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Originally posted 2012-10-10 06:05:02. Republished by Old Post Promoter

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