Pomerantz is one of many law firms that brought and was involved in this very large antitrust class action on behalf of all merchants who accepted Visa and/or MasterCard credit or signature debit cards since January, 2004. Pomerantz served as Liaison Counsel to the Court and was a member of the Plaintiffs’ Executive Committee. Pomerantz’s client, Payless Shoes, served as the largest retailer class representative. Plaintiff merchants allege that as a result of Defendants’ – Visa, MasterCard, Chase Bank, Citibank, Bank of American and other regional banks – anticompetitive conduct, merchants have paid artificially inflated merchant discount fees. More specifically, Plaintiff merchants allege Defendants have illegally fixed the interchange fee, which comprises the majority of the merchant discount fee paid by merchants. After years of litigation, on December 13, 2013, the Court gave final approval to settlement of approximately $7.25 billion in cash, and injunctive relief in the form of changes to the card networks' rules, which should result in a degree of competition as to interchange fees.