Priceless: The Case that Brought Down the Visa/MasterCard Bank Cartel [Hardcover]

Lloyd Constantine (Author)

Book Description

Release date: October 6, 2009

"He won't discuss money, but he now accepts Visa: Settlement, $3 billion, taking on MasterCard, Priceless."—the New York Times

Lloyd Constantine began his career in legal services, representing impoverished clients in civil rights and constitutional cases. Decades later, he would make headlines for representing retailers and consumers against a cartel that undermined one of the fundamental tenets of commerce in America: competition. A man who thrives on competition himself, Constantine now gives us the insider's story on the biggest antitrust lawsuit in history—a case that pitted his small firm against financial-industry giants Visa and MasterCard, along with Clifford-Chance, the largest law firm in the world.

Combining the real-life legal drama of A Civil Action with the relentless pace of a John Grisham novel, Constantine delivers the definitive account of a case that made history and will be studied for years to come. Beginning in the 1980s, when Visa and MasterCard—whose combined market share topped 95 percent—announced the merger of their debit card networks, Priceless traces the fallout of this catastrophic union, from raised eyebrows among attorney generals to the launch of a major class-action lawsuit. For the five merchants initially represented by Constantine's firm (Wal-Mart, Sears, Circuit City, Safeway, and The Limited), the reality of the situation was clear: millions of U.S. businesses were being illegally coerced in a scheme that forced excessive fees on merchants every time a customer used a debit card. When a $3.4 billion settlement was reached in 2003, the court estimated that the case would save stores and shoppers up to $87 billion in the first decade alone.

A suspense-filled story with a vibrant cast of characters—and a smoking-gun document known as "The Shark"—Priceless travels from corporate backrooms to the courtroom to capture one of America's biggest triumphs in the high-stakes world of antitrust litigation.

--This text refers to the Paperback edition.

Editorial Reviews

Review

“

Constantine's brilliant but easy to read book is a David and Goliath story about his own career and the seminal Visa/MasterCard case that broke the back of a giant anticonsumer conspiracy and that reaffirmed the core pro-competition concept that lies at the heart of America and its economic system.

” (Robert Abrams, Former Attorney General of New York)

“

Priceless lifts 'crusading lawyer' from the dustbin of cliches and gives the term new meaning. Lloyd Constantine tells the story of the nation's largest (by far) antitrust case with candor, clarity, and wit. 

” (Nick Taylor, award-winning author of American Made: The Enduring Legacy of the WPA: When FDR Put the Nation to Work)

“

At a time when class actions and plaintiffs' attorneys are under attack, this book is an essential corrective. It demonstrates that private enforcement can work—but only when dedicated counsel are willing to be their careers on a David-versus-Goliath battle with the industry. Lloyd Constantine and his colleagues broke a cartel that robbed consumers and restrained competition—and did it with virtually no help from the government. But they almost lost on several occasions. Big case litigation is a marathon, not a spring, and this behind-the-scenes account reveals the tactics—fair and foul—that defendants can use to crush their opponents. Many will not like how they are portrayed in this 'tell-all' account that is opinionated, acerbic, and pulls no punches. But much like A Civil Action, it provides a blunt, 'warts and all' perspective on the real world of mega-litigation.

” (John Coffee, Adolf A. Berle Professor of Law, Columbia University Law School) --This text refers to the Paperback edition.

About the Author

Lloyd Constantine is Counsel to Constantine Cannon LLP, a commercial litigation firm in New York and Washington, D.C. with an internationally acclaimed antitrust practice, where Eliot Spitzer worked for several years. He was lead counsel for the plaintiffs in the landmark Visa Check/MasterMoney Antitrust Litigation, which resulted in a $3.4 billion monetary settlement and an historic injunction, which the court valued as providing upwards of $87 billion in benefit for U.S. merchants and consumers. Constantine was Senior Advisor to Governor Spitzer from January 2007 until April 2008. He advised the Governor on a broad range of public policy issues and directed the Administration's initiatives in the areas of Higher Education, Local Government Efficiency, Public Authority Reform and the legal representation of New York's poor in civil and criminal proceedings. He is the author of Priceless: The Case That Brought Down the Visa/Mastercard Bank Cartel.

Product Details

• Hardcover: 272 pages
• Publisher: Kaplan Publishing (October 6, 2009)
• Language: English
• ISBN-10: 1607144565
• ISBN-13: 978-1607144564
• Product Dimensions: 6.1 x 8.4 inches
• Shipping Weight: 1.2 pounds
• Average Customer Review: 3.7 out of 5 stars  See all reviews (6 customer reviews)
• Amazon Best Sellers Rank: #808,557 in Books (See Top 100 in Books)
  • #36 in Books > Law > Administrative Law > Antitrust
  • #49 in Books > Law > Business > Consumer Law

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Most Helpful Customer Reviews

6 of 7 people found the following review helpful

4.0 out of 5 stars Interesting November 1, 2009

By L. Slawson

Format:Hardcover

I was skeptical about this book. I was thinking that I wouldn't enjoy it at all but was surprised when I started reading, it was very interesting! Since I don't pay much attention to the financial problems and news in general because it is always negative, I have never heard about this lawsuit. It was quite interesting to learn about all the ways Visa and Mastercard were able to get more money out of people with fees, and what was eventually done about it.

5 of 6 people found the following review helpful

5.0 out of 5 stars Constantine leaves it on the field. October 21, 2009

By Skullman 155

Format:Hardcover

A great read for the lay person as well as anyone who works in the legal profession. I was given the book as a gift and I do not know that much about anti-trust law. This book is an inspiring story about the value of hard work & perseverance. It contains many life's lessons which one can practice if they wish to push the boundries of their own lives. It will transcend time and is a must read for those of us who would like to gain insight into todays battles between consumer advocacy groups, preditory credit card companies & the "Bank Cartels". I look forward to reading more Titles from this author.

2 of 2 people found the following review helpful

5.0 out of 5 stars Fascinating Case November 5, 2009

By Nicole M

Format:Hardcover

I didn't follow this original case in the news and was shocked by the length and intensity of the anti-trust case against Mastercard and Visa. Reading this book, I felt the lawyers' exhaustion and frustration with this 15 year plus legal action that eventually resulted in a win for Constantine and the American consumer. Priceless details the main points in the case, the lengthy litigation and the eventual outcome.

When I was first starting reading this book I was struggling with the legal jargon, but slowly began to understand more about this case and the legal system. It was definitely an interesting read, but be prepared for very technical legal terms. I looked up several words and legal concepts while reading this book to gain a better understanding of the case and legal action.

Priceless is not a book I would have picked up to read on my own, but I was glad I received an Advanced Reader's Copy. The book really gave me insight on the true deceptive nature of the credit industry and the major efforts it took to bring down the Visa/Mastercard bank cartel. Not a book for a light, easy read, but definitely worth reading.

3 of 4 people found the following review helpful

4.0 out of 5 stars Taking on the Hydra December 7, 2009

By SilverC2

Format:Kindle Edition|Amazon Verified Purchase

A great read into one of the seminal attacks on the hegemony of Visa, MasterCard and their member banks. Details of the obfuscation, outright deceit, delay tactics and business model legal-engineering of these famous card brands is astounding. C&P established the benchmark precedent for all antitrust actions surrounding the card brands today (C&P did not "kill the beast" only weakened it), making this book a "must read" for anyone in card payments policy and antitrust law.

Anyone who still harbors a shred of sympathy for these brands needs to focus on the evidence surrounding public deception to kill more efficient PIN debit (still happening today), conspiracy to restrict access from potential competitors and general distain of antitrust laws needs to read this book.

On the down side, Lloyd's views on the how politics played in the growth of Visa and MasterCard are a bit flawed. While he contends Regan/Bush/Bush lax approach to antitrust lead to the growth of the monopoly, he fails to point out that most of the market power growth and restrictive practices occured during the Clinton administration. Sadly, this highlights the fact that NO administration - including Obama, to date - has been willing to take on the banking lobby beyond "show trials".

2.0 out of 5 stars A Important Litigation Story Confined by the Author's Limited POV February 1, 2013

By WitSec

Format:Paperback

This book's primary flaw is that the author---the lead trial counsel for the plaintiffs' class of retail merchants in the litigation at the center of the narrative---has a surprisingly poor vantage from which to tell this story. Position determines perspective, and Mr. Constantine's position deprives him of any real insights into his adversaries' viewpoints or motivations. Thus, half the actors in the narrative are portrayed as two-dimensional abstractions, which does not make for a compelling story (at least not for adult readers).

Numerous reviews have thoroughly addressed the other major flaw of this book (Mr. Constantine's healthy self-regard), so I will not belabor that point further. Frankly, this is probably an exceedingly common problem with biographic prose, and I assume that it's usually caught by more engaged editors. Mr. Constantine's mind-voice is likely no different than many of our own (solipsism comes with any success, if not with being carbon-based life), but it's not an effective lens through which to tell a complex story set in a world populated by other real people.

While I didn't mind the book's discussion of the detailed procedural nuances of high-stakes, multiparty, civil litigation, lay readers could certainly find such details confusing, difficult to penetrate, and a disruption to the story.

4 of 8 people found the following review helpful

2.0 out of 5 stars Think: Terrell Owens in the end zone. February 16, 2010

By John E. Drury VINE™ VOICE

Format:Hardcover|Amazon Verified Purchase

Rare is the attorney who writes a good book about his success in his own civil trial. Daniel Petrocelli achieved it in "Triumph of Justice," in his civil damages trial of the infamous OJ Simpson case. Strong editing tones down the subjective in autobiographies or trial memoirs forcing the preening attorney - all trial attorneys preen - to be objective. Editing is minimal in this book. With an ego "as big as the Ritz," to borrow from Scott Fitzgerald, Lloyd Constantine does not defy the odds; this book reads more like a legal brief than a good yarn. Bloated with too much legal procedure, and nasty snipes at other lawyers and judges, the overwhelming subjectivity and the lack of story telling ability makes for a plodding read. Focusing on one narrow slice of the credit and debit card industry, he misses the chance to explain this business central to modern day America. He is ungracious to his adversaries characterizing them as venal, ignoring for the most part the names and legal arguments of opposing counsel and, most inexplicably, insulting to federal judges. One appellate female judge who sits on a panel is fingered by Constantine as trying to date him in the past, another appellate judge is painted as a right wing ideologue and then the trial judge who just awarded millions in fees is accused of rank sophistry. The book only becomes interesting in the author's analysis of the lode star considerations upon which his fee should have been awarded. In sum, a limited effort drenched in gracelessness.