American Express said Wednesday MasterCard will pay it as much as $1.8 billion to settle an antitrust lawsuit, as it warned credit losses may increase as business conditions deteriorate. American Express had accused the Purchase, N.Y.-based credit and debit card processor of conspiring to stifle some banks from issuing its credit cards. Last year, the company reached a $2.7 billion settlement with Visa Inc. in a similar suit.
June 25, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
American Express said Wednesday MasterCard will pay it as much as $1.8 billion to settle an antitrust lawsuit, as it warned credit losses may increase as business conditions deteriorate.
American Express had accused the Purchase, N.Y.-based credit and debit card processor of conspiring to stifle some banks from issuing its credit cards. Last year, the company reached a $2.7 billion settlement with Visa Inc. in a similar suit.
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