AmEx Steers Clear Of Top Rates, Exec Testifies

Law360, New York (July 21, 2014, 8:45 PM ET) -- American Express Co.'s head of merchant pricing testified at the government's antitrust trial against the credit card company on Monday in New York federal court that even though AmEx estimates how high it could raise rates before retailers stop accepting its cards, they would never go that high.

Jack Funda, AmEx's senior vice president for global merchant pricing, told the Brooklyn federal court that the company tries to keep its discount rates, the percentage it charges merchants for processing transactions, well below the ceiling it believes...
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