The plaintiffs brought a motion to approve settlements with National Bank, Visa, and MasterCard in a class action alleging a conspiracy to fix merchant discount fees.
The settlements provided for a total payment of $45 million, modifications to the 'No Surcharge Rule', and cooperation in the ongoing action against the remaining non-settling defendants.
Despite objections from Wal-Mart and Home Depot regarding the breadth of the releases, the court found the settlements to be fair, reasonable, and in the best interests of the class, particularly given the weaknesses in the plaintiffs' case against Visa and MasterCard under the Competition Act.
The court also approved Class Counsel's fee request.
