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Article: American Express Sues Visa and MasterCard, Large Bank Card Issuers for Antitrust Violations.

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PR Newswire
Article date:
November 15, 2004
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Suit seeks damages for lost business resulting from illegal restrictions of competition in the credit card market

American Express Company today filed a lawsuit against Visa, MasterCard and eight major banks that are members of the two card associations. The suit, which was filed in the U.S. District Court in Manhattan, seeks monetary damages for the business lost as a result of the illegal, anti-competitive practices of the card associations.* Those practices had effectively locked American Express out of the bank-issued card business in the United States. The suit does not specify an amount of monetary compensation, but American Express is expected to seek ...

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