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Title : Credit News: Visa Agrees To Pay AMEX Billions To Settle Antitrust Lawsuit |
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Visa Pays 2.1 Billion in Damages To Settle Antitrust Lawsuit
In a 2004 Antitrust Lawsuit, Visa has agreed to pay American Express 2.1 in damages to settle the case which is said to be the largest amount ever paid for an antitrust lawsuit case. Three years prior the Supreme Court had ruled that Visa and Mastercard violated antitrust rules by preventing member banks from from offering rival credit cards, specifically American Express and Discover.
Both American Express and Discover soon filed suit and with Visa now settling with American Express will most likely also settle with Discover for the same offenses. Both Discover and American Express have indicated that they lost Billions is revenue because of this barring of their cards within their member banks.
It's very likely that we will see AMEX turning their focus on Mastercard now that Visa has settled it's suit with them.
In light of these recent developments some of the other big credit card companies such as Bank of America and Citigroup have both signed deals to offer American Express Branded credit cards in an effort to ensure that they don't fall prey to breaking any of the antitrust laws that Visa is now paying for.
For an in depth story see the New York Times Story
Posted on Sunday, November 11, 2007 @ 11:29:28 EST by ColCredit
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