LAWSUITS NEWS & LEGAL INFORMATION
Visa Antitrust
This is a settlement for the Antitrust lawsuit.
New York, NY: (Nov-07-07) American Express Co. brought charges against rival Visa, MasterCard Inc. in 2004, alleging that the company engaged in antitrust practices. The suit was filed against Visa, MasterCard and eight banks that made up their card associations, in US District Court in Manhattan, alleging that the card associations' anti-competitive practices prevented 20,000 US banks from using its credit card products. As part of a settlement reached, Visa agreed to pay American Express more than $2 billion to settle the three-year-old dispute. Sources close to the case stated that the settlement agreement, which is pending approval from Visa members, will also resolve claims against several banks named in the case.
[REUTERS: VISA ANTITRUST]
Published on Nov-9-07
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