JPMorgan, Affiliated Entities Secure Dismissal of Class Action

On behalf of JPMorgan Chase & Co. and affiliated entities, Skadden secured the dismissal of an antitrust class action alleging a conspiracy by Visa, Mastercard and major banks to inflate “interchange” fees in connection with payment card transactions. On December 30, 2024, Chief Judge Margo K. Brodie of the U.S. District Court for the Eastern District of New York held that the plaintiffs’ alleged damages were too remote under the factors the Supreme Court provided in Associated General Contractors v. California State Council of Carpenters, and cardholder plaintiffs therefore did not have antitrust standing. Judge Brodie further dismissed the plaintiffs’ Unfair Competition Law claims because they were based on the same allegations as the plaintiffs’ antitrust claims. Boris Bershteyn, Lara Flath and Kamali Willett led the Skadden team.