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Article: American Express Takes Legal Action Against Visa in Chile

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PR Newswire
Article date:
October 3, 1996
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NEW YORK, Oct. 3 /PRNewswire/ -- American Express (NYSE: AXP) announced today that it has taken legal action against Visa in Chile in an effort to protect competition in the card industry. In a complaint filed with anti-trust authorities, American Express asserted that Visa has effectively imposed a rule limiting card industry competition by restricting Visa member banks' options on product offerings.

"Visa is attempting to limit Chilean banks' and consumers' freedom of choice among card products," said Gonzalo Ruiz, American Express' vice president and general manager for Latin America and the Caribbean. "Banks in a free, open market like Chile should be ...

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