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U.S. top court to review antitrust claims against American Express
October 16, 2017 9:48 AM EDTBy Andrew Chung
WASHINGTON (Reuters) - The U.S. Supreme Court on Monday agreed to decide whether American Express Co (NYSE: AXP) is violating federal antitrust law by forbidding merchants that accept its credit cards from encouraging customers to use rival cards that charge lower fees.
The justices will hear an appeal by 11 states led by Ohio that had sued American Express of a 2016 lower court ruling that endorsed the legality of the company's "anti-steering" provisions in contracts with merchants.
Merchants annually pay more than $50 billion in so-called swipe... More
UPDATE: American Express (AXP) Fee Accusations Get U.S. Supreme Court Hearing - Bloomberg
October 16, 2017 9:32 AM EDT(Updated - October 16, 2017 9:37 AM EDT)
The U.S. Supreme Court accepted a case that could roil the credit-card business, according to Bloomberg. The court agreed to consider reviving government allegations that American Express (NYSE: AXP) thwarts competition by prohibiting merchants from... More
