American Express settles class actions over merchant rules
( December 19, 2013, 21:26 GMT | Official Statement) -- MLex Summary: American Express said it has agreed to settle two antitrust class actions brought by US merchants that challenged the credit card company's card acceptance agreements. Under the terms of the settlement, merchants will be allowed to surcharge credit and charge cards, provided the surcharges aren't more than those of other credit card networks. Merchants would agree to continue to honor all American Express cards and would be prohibited from steering customers away from the company's cards. The terms of the settlements require court approval before they are finalized.NEW YORK--(BUSINESS WIRE)--American Express (NYSE: AXP) said today that it has agreed to settle two putative antitrust class actions filed by U.S. merchants that challenged the company’s Card acceptance agreements. The settlement agreement will address certain merchant concerns, while helping to ensure that American Express Card Members are treated fairly at the point of sale. It will also limit the Company’s exposure to future legal claims....
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