Case 1:11-md NGG-RER Document 603 Filed 06/10/15 Page 1 of 11 PageID #: June 10, 2015

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1 Case 1:11-md NGG-RER Document 603 Filed 06/10/15 Page 1 of 11 PageID #: LOCUST STREET PHILADELPHIA, PA PHONE: 215/ FAX: 215/ H. LADDIE MONTAGUE, JR. WRITER S DIRECT DIAL WRITER S DIRECT FAX WRITER S DIRECT 215/ / hlmontague@bm.net June 10, 2015 FILED UNDER SEAL VIA ECF Magistrate Judge Ramon E. Reyes United States District Court for the Eastern District of New York 225 Cadman Plaza East Room N208 Brooklyn, NY Re: American Express Anti-Steering Rules Antitrust Litig., 11-md-2221 (NGG)(RER) Dear Judge Reyes: We are the Co-Lead Counsel in In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, 1:05-MD-1720-(MKB)(JO) ( MDL 1720 ). We write in response to the Objectors June 5, 2015 letter motion requesting production of certain documents that remain subject to objection. We do not oppose the motion and we have not objected to the production of any of the Friedman/Ravelo communications to the Objectors. However, we write to provide your Honor with additional information concerning the court approved settlement in MDL 1720 and Mr. Friedman s role in that case. The Co-Lead Counsel appointed by the Court in MDL 1720 are Robins Kaplan LLP, Berger & Montague, P.C, and Robbins Geller Rudman & Dowd LLP. Co-Lead Counsel designated two other highly experienced law firms to serve as Co-Chairs of the Class Plaintiffs Steering Committee, Freedman, Boyd, Hollander, Goldberg, Urias &Ward P.A., and Hulett Harper Stewart LLP. These firms constitute the entirety of the leadership group in MDL Mr. Friedman is neither a co-lead counsel nor a member of the designated leadership group and consequently had no decision-making authority in MDL Mr. Friedman s co-lead counsel in the MDL 2221, Mr. Reinhardt and Mr. Wendorf also had only a circumscribed role in MDL Their participation was limited to discovery.

2 Case 1:11-md NGG-RER Document 603 Filed 06/10/15 Page 2 of 11 PageID #: Magistrate Judge Ramon E. Reyes June 10, 2015 Page 2 Mr. Friedman did not participate in the many years of settlement negotiations that culminated in settlement proposals by the two experienced and highly-respected mediators in MDL These proposals contained the key structural and monetary relief, including the ability to surcharge and the level playing field provision. All of the parties in MDL 1720, including some who are now objectors to the MDL 1720 settlement, agreed to the mediators proposals. 2 Subsequently, the parties negotiated for several months to turn the agreed upon terms into a written settlement agreement. Although Mr. Friedman had some participation in the negotiations relating to the written settlement agreement, he did not have a central or key role in negotiating the structural relief. Mr. Friedman was always subordinate to one or more of the Co-Lead Counsel. He simply had no decision-making authority on any issue in which he participated with respect to the written settlement agreement. 2 Defendants in MDL 1720 include not only Visa and MasterCard but a number of the largest banks in the world, including, but not limited to, Bank of America, Chase, Citi and Wells Fargo. The bank defendants had a central role in the settlement negotiations and of course no settlement could have been achieved without their agreement.

3 Case 1:11-md NGG-RER Document 603 Filed 06/10/15 Page 3 of 11 PageID #: Magistrate Judge Ramon E. Reyes June 10, 2015 Page 3 The Objectors assertion that Mr. Friedman had a central role in negotiating the structural relief in MDL 1720 is simply false. Mr. Friedman s self-serving promotional statements on his website or elsewhere about his role in the case do not establish otherwise and are irrelevant. As Judge Orenstein observed, Mr. Friedman s statements are just self-promotion. See Feb. 26, 2015 Hearing Tr. at 26. Judge Orenstein also made clear to Objectors that based on his extensive oversight role in MDL 1720 and participation in settlement negotiations with the Court, Mr. Friedman did not have a primary role in the case. Id; see also May 26, 2015 Hearing Tr. at 9. In fact, Judge Orenstein stated that he was unfamiliar with Mr. Friedman and did not recall his participation in any proceedings before the Court. Feb. 26, 2015 Hearing Tr. at The Court thoroughly scrutinized the settlement in MDL Prior to granting preliminary approval, there was briefing followed by a lengthy hearing in which many objectors participated. There was also extensive briefing associated with final approval and under Federal Rules of Evidence 706 the Court appointed an expert to advise the Court with respect to any economic issues that may arise in connection with the proposed settlement. The Court also held an all-day hearing in connection with final approval hearing, in which many objectors participated. On December 13, 2013, the Court granted final approval of the settlement based on the merits of the settlement in a thorough and well-reasoned opinion. In re Payment Card Interchange Fee and Merchant Discount Antitrust Litig., 986 F. Supp. 2d 207 (2013). Co-Lead Counsel never approved or authorized any of the communications between Mr. Friedman and Ms. Ravelo that are reflected in the documents at issue and had no knowledge that such communications ever occurred. In addition, from Co-Lead Counsel s perspective, Ms. Ravelo was not a lead-negotiator or decision-maker on behalf of MasterCard with respect to reaching a settlement pursuant to the mediators proposals. Mr. Friedman s communications with Ms. Ravelo had no impact on the MDL 1720 settlement or the adequate representation of the classes in that case. Objectors cannot show otherwise despite having received and reviewed thousands of pages of communications. In fact, at a May 26, 2015 hearing, when asked by Judge Orenstein if the documents produced to date provided any basis to file a motion to challenge the MDL 1720 settlement, Mr. Shinder did not identify a basis for doing so. (May 26, 2015 Hearing Tr. at 10-12). Respectfully Submitted, /s/ K. Craig Wildfang K. Craig Wildfang Thomas J. Undlin Robins, Kaplan, Miller & Ciresi L.L.P. /s/ H. Laddie Montague, Jr. H. Laddie Montague, Jr. Merrill G. Davidoff Berger & Montague, P.C. /s/ Patrick J. Coughlin Patrick J. Coughlin Robbins Geller Rudman & Dowd LLP cc: Magistrate Judge James Orenstein (via FedEx)

4 Case 1:11-md NGG-RER Document 603 Filed 06/10/15 Page 4 of 11 PageID #: Exhibit 1

5 Case 1:11-md NGG-RER Document 603 Filed 06/10/15 Page 5 of 11 PageID #: FILED UNDER SEAL

6 Case 1:11-md NGG-RER Document 603 Filed 06/10/15 Page 6 of 11 PageID #: Exhibit 2

7 Case 1:11-md NGG-RER Document 603 Filed 06/10/15 Page 7 of 11 PageID #: FILED UNDER SEAL

8 Case 1:11-md NGG-RER Document 603 Filed 06/10/15 Page 8 of 11 PageID #: Exhibit 3

9 Case 1:11-md NGG-RER Document 603 Filed 06/10/15 Page 9 of 11 PageID #: FILED UNDER SEAL

10 Case 1:11-md NGG-RER Document 603 Filed 06/10/15 Page 10 of 11 PageID #: Exhibit 4

11 Case 1:11-md NGG-RER Document 603 Filed 06/10/15 Page 11 of 11 PageID #: FILED UNDER SEAL