MasterCard to Pay Amex $1.8B

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