MasterCard To Pay AmEx $1.8B To Settle Case

Law360, New York (June 25, 2008, 12:00 AM EDT) -- MasterCard Inc. has agreed to pay up to $1.8 billion to resolve American Express Co.’s antitrust suit alleging Visa Inc., MasterCard and several of their member banks illegally shut the card issuer out of the U.S. bank-issued credit card market.

American Express said Wednesday its case will be dismissed but raised concerns that credit losses may continue to rise as business conditions weaken. The deal comes about seven months after Visa reached an agreement to pay $2.25 billion to American Express.

The agreement calls for MasterCard...
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