MasterCard to Pay Amex $1.8B

Antitrust settlement will help Amex defray losses as economy continues to drag
By Jim O'Neill,  Newser Staff
Posted Jun 25, 2008 8:51 AM CDT
MasterCard to Pay Amex $1.8B
MasterCard today said it will pay about $1.8 billion to American Express to settle an antitrust lawsuit.    (AP Photo/Mark Lennihan, File)

MasterCard will pay American Express $1.8 billion in 12 quarterly installments, settling a lawsuit that claimed it had blocked banks from offering American Express cards to customers, the Wall Street Journal reports. American Express said the antitrust settlement would "help to lessen the impact of this weakening economic cycle." Amex also sued Visa, which settled for $2.25 billion in November. (More American Express stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.