Second Circuit rejects antitrust attack on credit card arbitration clauses

With so many avenues to challenge the use of forced arbitration clauses in consumer contracts closed off by Supreme Court precedent, plaintiffs tried another one: allege that so many credit card companies' parallel adoption of the clauses was collusive and therefore violated antitrust law. But the district court dismissed the challenge and yesterday the Second Circuit affirmed, finding that the record supported the district court's conclusion that the “final decision to adopt class-action-barring clauses was something the Issuing Banks hashed out individually and internally.” The case is Ross v. Citigroup, available here. (HT: Julie Murray.)