⚖ Oral Arguments, with Context

Four California cardholders challenge the way Visa, Mastercard and major banks set payment-card transaction fees. They allege those fees are inflated by price fixing and passed on through higher prices at the checkout. The interchange fee is paid between financial institutions; the claimed consumer injury is higher retail prices. The consumers argue that merchants join the alleged conspiracy by following the networks' rules and passing the cost to shoppers. Those are allegations, not findings that merchants conspired. The suit began in California state court and was transferred into related payment-card litigation in federal court in Brooklyn. That court dismissed the claims, finding that the consumers had not alleged the kind of injury California antitrust law protects: they shopped in a market different from the one where the alleged fee fixing occurred. This appeal asks whether that distinction defeats their claims under the Cartwright Act, California's law against restraints of trade. The discussion of antitrust standing concerns who may bring this kind of claim, not whether price fixing has been proved. Joseph Alioto will argue for the consumers, seeking to revive their suit.

Palladino v. JPMorgan Chase & Co. (No. 25-1490) — U.S. Court of Appeals for the Second Circuit, argued October 14, 2026.