MasterCard agrees to pay $1.8 bn to settle Amex antitrust suit
MasterCard says it will pay about $1.8 billion to American Express to settle an antitrust lawsuit.
By Agencies |
NEW YORK: MasterCard says it will pay about $1.8 billion to American Express to settle an antitrust lawsuit.
The Purchase, New York-based credit card company says it will make 12 quarterly payments of $150 million to its rival. MasterCard plans to book a $1 billion charge related to the settlement in the current fiscal quarter.
American Express has confirmed the terms of the settlement. It has accused MasterCard of illegally blocking American Express from the bank-issued card business.
American Express is also warning that business is getting weaker in the U.S., with things deteriorating more than it expected this month.
The Purchase, New York-based credit card company says it will make 12 quarterly payments of $150 million to its rival. MasterCard plans to book a $1 billion charge related to the settlement in the current fiscal quarter.
American Express has confirmed the terms of the settlement. It has accused MasterCard of illegally blocking American Express from the bank-issued card business.
American Express is also warning that business is getting weaker in the U.S., with things deteriorating more than it expected this month.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
