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US: American Express to fight antitrust ruling

By  |  March 26, 2015

American Express Co. Chief Executive Kenneth Chenault said the company plans to seek a stay of a judge’s recent ruling that could ultimately permit merchants to steer consumers to cheaper cards from Visa Inc. and MasterCard Inc.

In an investor meeting, Mr. Chenault also defended the company’s decision to fight an antitrust lawsuit filed by the Justice Department in 2010 that led to the judge’s ruling last month. The federal judge determined that AmEx’s rules for merchants violate antitrust laws.

“Fighting this suit was the right call in 2010 and continuing to fight is the right call now,” Mr. Chenault said.

AmEx, which had previously said it would appeal the ruling, will begin the appeals process after the judge sets a remedy in the case, Mr. Chenault said. Although the judge sided with the government in the case, he didn’t lay out a remedy at the time of the ruling.

 

Full Content: The Wall Street Journal

 

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