New York, NY, Aug. 19--Lawyers for some of the biggest U.S. retailers, who negotiated $3.05 billion in settlements with Visa and MasterCard over debit cards, are requesting 18 percent of the payout as payment, along with more money for expenses, reports said on Tuesday.
Plaintiff's lawyers led by New York's Constantine & Partners worked for seven years on a protracted battle between the credit card associations and retailers, including Wal-Mart and Sears, Roebuck and Co.
The lawyers filed with the Federal District Court in Brooklyn for payment of $558 million, along with $18.7 million in expenses, The Wall Street Journal reported.
If Judge John Gleeson approves the request, the lawyers' fees would be the largest in the history of class-action antitrust settlements, The New York Times said. But on a percentage basis, they would be lower than the 24 percent lawyers average in antitrust settlements over $100 million, the paper said, citing one law school professor.
A fairness hearing on the issue is scheduled for Sept. 25, The Wall Street Journal said. Constantine & Partners could not be reached for comment on Tuesday morning.
