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November 16, 2004
American Express sues VISA and Mastercard
American Express said it was suing Visa USA and MasterCard International, along with eight banks, for damages stemming from anti-competitive practices that prevented American Express from issuing cards through U.S. banks. Its suit follows one by Discover Financial Services that also alleges anti-competitive behavior by the nation's two biggest credit associations. The U.S. Supreme Court cleared the way for both actions on Oct. 4, when it let stand a lower court's ruling requiring Visa and MasterCard to allow their member banks to issue competing cards in an antitrust case brought by the Justice Department.
Posted by at November 16, 2004 02:07 PM
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