PNC defends against antitrust litigation related to bank interchange fees
Clients PNC Financial Services Group, Inc.
Jones Day represents PNC Financial Services Group, Inc. ("PNC") in a multi-district class action related to bank interchange fees. Since reaching a settlement in the class action, Jones Day continues to represent PNC in "opt-out" litigation arising out of the settlement. This includes litigation in Victoria County, Texas against PNC and other defendants from the class action, Speedy Stop Food Stores, LLC, et al. v. Visa, Inc., et al., No. 13-10-75377-A (Dist. Ct. Victoria County). The plaintiffs, a group of gas station and convenience store owners, allege violations of the Texas Free Enterprise and Antitrust Act of 1983 in connection with interchange fees and merchant discounts set in the Visa and MasterCard payment networks.
In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, Civil Action No. 14-MD-01720 (E.D.N.Y)