Priceless: The Case that Brought Down the Visa/MasterCard Bank Cartel by Constantine Lloyd, Kaplan Publishing, published October 6, 2009.
Book Synopsis:
“In a ground-breaking case that shook the business and legal worlds to their very cores, New York-based law firm Constantine & Partners sought to end a devastating credit monopoly that personally touched millions of consumers. Its efforts culminated in the largest federal antitrust settlement in U.S. history. In Priceless, author and lead counsel Lloyd Constantine relates the dramatic account of backroom strategizing and courtroom conniving during the high-stakes litigation. Constantine, who led the team representing the plaintiffs, vividly describes how the case pitted retailers against credit card companies, and pries the lid off dodgy debit card practices. The plaintiffs, including Wal-Mart, Sears Roebuck, The Limited, Safeway, and a class of five million stores, pitted their financial futures against Visa and Mastercard in this war between giants.
The riveting story features cameos by lawyers, judges, and businessmen, including then University of Arkansas law professor Bill Clinton and New York Attorney General Eliot Spitzer. The triumph is also a David and Goliath tale, in which a small boutique law firm beats four of the largest law firms in the world, including London-based law fi rm Clifford Chance.
My Review:
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 from Meryl L. Moss Media Relations. 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.
