American Express files brief in interchange fee suit appeal, says settlement approval should be revoked

( November 25, 2014, 19:53 GMT | Official Statement) -- MLex Summary: American Express has filed a brief urging the US Court of Appeals for the Second Circuit to reverse approval of the settlement with Visa and MasterCard over their interchange fees. Amex argues that there's a fundamental conflict of interest between it —a member of the class "by virtue of its subsidiaries' acceptance of Visa and MasterCard cards"— and the rest of the merchant class. "Millions of those merchants are part of an overlapping class suing American Express for claims similar to those the class here seeks to settle," Amex said, and the class representatives "told the district court that it should approve the settlement because approval would put pressure on American Express to change its rules."See document below....

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American Express files brief in interchange fee suit appeal, says settlement approval should be revoked

Prepare for tomorrow’s regulatory change, today

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