Root of Retail Reduction

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The retail market has been suffering for the last 2+ years.  The main stream media has suppressed the financial reasons behind the falling decline of large brick-and-mortar franchise stores.  In 2011 it was determined by Judge Gleeson that the major credit card companies in regards to interexchange fees.  The courts agreed that Visa, Mastercard and American Express were violating of the Sherman Anti-Trust Act of 1890 (15 Case 1:05-md-01720-JG-JO Document 1656-1 Filed 10/19/12 Page 6 of 379 Page ID #: 34517 3 U.S.C. § 1 et seq.), the Clayton Act from 1914 (15 U.S.C. § 12 et seq.), the California’s Cartwright Act (Cal. Bus. & Prof. Code § 16700 et seq.), and the New York Uniform Fraudulent Conveyance Act (N.Y. Debt. & Cred. Law. § 270 et seq.)  

“Bank Defendants” means Bank of America, N.A.; BA Merchant Services LLC (formerly known as National Processing, Inc.); Bank of America Corporation; MBNA America Bank, N.A.; Barclays Bank plc; Barclays Bank Delaware; Barclays Financial Corp.; Capital One Bank (USA), N.A.; Capital One F.S.B.; Capital One Financial Corporation; Chase Bank USA, N.A.; Chase Manhattan Bank USA, N.A.; Chase Paymentech Solutions, LLC; JPMorgan Chase Bank, N.A.; JPMorgan Chase & Co.; Bank One Corporation; Bank One Delaware, N.A.; Citibank (South Dakota), N.A.; Citibank N.A.; Citigroup Inc.; Citicorp; Fifth Third Bancorp; First National Bank of Omaha; HSBC Finance Corporation; HSBC Bank USA, N.A.; HSBC North America Holdings Inc.; HSBC Holdings plc; HSBC Bank plc; National City Corporation; National City Bank of Kentucky; SunTrust Banks, Inc.; SunTrust Bank; Texas Independent Bancshares, Inc.; Wachovia Bank, N.A.; Wachovia Corporation; Washington Mutual, Inc.; Washington Mutual Bank; Providian National Bank (also known as Washington Mutual Card Services, Inc.); Providian Financial Corporation; Wells Fargo Bank, N.A. and Wells Fargo & Company.*

The courts appointed counsel; Robins, Kaplan, Miller & Ciresi LLP, Berger & Montague, PC, and Robbins Geller Rudman & Dowd LLP for this class action lawsuit. The United States Eastern District of New York court on December 13, 2013 by Judge Gleeson determined Defendants were guilty and the largest class action settlement of $7.6 billion dollars was awarded to plaintiffs, yet currently in appeals.

Most of the plaintiffs are franchised retail department stores that joined the lawsuit and then, realized this case was going to cultivate negative effects in their businesses.  Before Judge Gleeson’s ruling, many retail store plaintiffs jumped ship, but only leaving more settlement awarded money for the remaining plaintiffs.  The media sweep these news stories under the carpet. They have been looking for ways to undo this complaint, because most big business retail stores are just as guilty for the same violation as the banks they sued.

This award money has become a major gridlock for the financial system and the tip of the iceberg.  There have been many other companies in violation of the same business practices.  It has been used as a tool to investigate other monopolies financially.

The media has pretended this court case never happened, yet is just as guilty for rigging the stock market or falsely reporting financials to swindle investors out of money.  So, the banks are tumbling and it clearly appears that Central banking is going out of fashion, figuratively and literally.

* UNITED STATES DISTRICT COURT EASTERN DISTRICT OF NEW YORK IN RE PAYMENT CARD INTERCHANGE FEE AND MERCHANT DISCOUNT ANTITRUST LITIGATION This Document Applies to: All Cases. No. 05-MD-1720 (JG) (JO) 

 

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