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What Does the New Visa/Mastercard Class Action Settlement Mean for Merchants?

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Description

After almost two decades of litigation, a class representing all U.S. merchants and Visa and Mastercard have entered into a settlement in the case In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation. The settlement purports to offer monetary relief in the form of rate caps and rules changes and only addresses certain changes to Visa/Mastercard rules, including a commitment by Visa and Mastercard to reduce rates slightly over the next five years. The settlement is subject to court approval and impacts significant aspects of card acceptance for merchants, including the rates, rule sets, and programs involved.

Join Constantine Cannon Partner Jeff Shinder, MAG CEO John Drechny, and Senior Vice President of Public Affairs, Events and Education Beth Provenzano as we discuss each aspect of the settlement in depth and what merchants should consider as they weigh their options.

Please note that this webinar is for current MAG merchant members only.

Please also note that this webinar will not be recorded nor posted for on-demand viewing.

Contributors

  • John Drechny | CEO - Merchant Advisory Group

    John has been CEO of the Merchant Advisory Group (MAG) since 2019. As CEO, John helps MAG’s merchant members drive positive change and innovation in the payments industry, serving merchants’ interests through collaboration, education, and advocacy. Under John’s leadership, the MAG has grown considerably and launched new efforts includingTech Forum, MAG International, and Merchant Payments self-directed eLearning series.

    Prior to joining the MAG, John enjoyed a 20-year career at Walmart holding various leadership positions in Payments Acceptance, Marketing, and Financial Services. As part of the leadership of Walmart’s Payments team, John helped shape and implement a comprehensive strategy increasing the ease of payments in an omni-channel environment while ensuring Walmart could deliver on its brand promise of helping its customers save more so they can live better.

    In addition to his work at the MAG and Walmart, John has participated in many cross-functional payments industry groups including the Faster Payments Council and U.S. Payments Forum, where he has held Board positions. John also speaks at many of the payments industry’s key events. Industry stakeholders have recognized John for his ability to collaborate, find common ground, and drive positive outcomes from opposing views.

    John attended Northern Illinois University in DeKalb, Illinois, where he received his bachelor’s degree. He currently lives in Venice, Florida.

  • Beth Provenzano | Senior Vice President of Public Affairs, Events, and Education - Merchant Advisory Group

    Beth Provenzano is Senior Vice President of Public Affairs, Events, and Education at the Merchant Advisory Group. In this role, Provenzano serves as the MAG’s spokesperson; directs communications strategy and outreach to the media; leads advocacy efforts with policymakers and regulators; and oversees conferences, events, and education.

    Prior to joining the MAG, Provenzano was vice president of government relations and political affairs at the National Retail Federation, lobbying on financial services, technology, and intellectual property issues before Congress and the Administration, as well as directing advocacy and political engagement with Members of Congress and staff. Previously she served as deputy chief of staff for the Office of the Secretary of the Senate, handling a variety of duties including serving as spokeswoman for the office, preparing testimony, and organizing Senate leadership events. Provenzano spent a number of years on Capitol Hill, serving in the offices of former Senator John D. Rockefeller IV, D-W.Va., and former Senator Bob Graham, D-Fla.

    A graduate of George Washington University, Provenzano received an M.A. in political management. She graduated with honors from Southern Methodist University with a Bachelor of Arts in broadcast journalism.

  • Jeffrey Shinder | Partner - Constantine Cannon

    Mr. Shinder is widely recognized as one of the premiere antitrust litigators and payments industry specialists in the United States. Mr. Shinder has led numerous high-profile antitrust cases that have resulted in billions of dollars of damages for his clients and achieved industry-wide reforms. Mr. Shinder also has defended several high-profile clients in high-stakes antitrust litigation. He has appeared numerous times before the Antitrust Division of the United States Department of Justice, the Federal Trade Commission, State Attorneys General, and European competition authorities. Mr. Shinder served as Special Counsel to the U.S. Federal Trade Commission from 2001 to 2003.

    Mr. Shinder has been recognized as one of the nation’s leading antitrust attorneys, including in Super Lawyers (2007-2023), Law & Politics (2007-2020), Best Lawyers in America (2012-2023), The New York Area’s Best Lawyers (2012-2022), Who’s Who of Competition Lawyers (2014 and 2016), and the International Who’s Who in 2014. Mr. Shinder was recognized by American Lawyer as the “Litigator of the Week” in 2014 for his ethical decision to withdraw from the environmental litigation against Chevron in Ecuador.

    While Mr. Shinder is widely known for his experience in payments, he also has extensive experience counseling clients and litigating cases in financial services, auto-parts, technology, semi-conductors, sports, media, and retail, among other industries.

April 23, 2024
Tue 12:00 PM CDT

Duration 1H 0M

This live web event has ended.

Support Contact
learningcenter@merchantadvisorygroup.org