Bloomberg News

American Express to Appeal $5.7 Billion Swipe Fee Settlement (1)

January 08, 2014

American Express Co. (AXP:US) said it’s appealing a federal judge’s order approving Visa Inc. (V:US) and MasterCard Inc. (MA:US)’s $5.7 billion settlement that ended years of litigation with U.S. merchants over allegations that credit-card swipe fees are improperly fixed.

American Express, in a filing today in federal court in Brooklyn, New York, joined retailers and trade associations including Wal-Mart Stores Inc., Amazon.com Inc., 7-Eleven Inc. and Barnes & Noble Inc. (BKS:US) that already have filed notices that they will appeal the decision.

U.S. District Judge John Gleeson approved the accord on Dec. 13, saying he was satisfied with the settlement, which was estimated to be the largest-ever U.S. antitrust accord.

Marina Norville, a spokeswoman for New York-based American Express, had no immediate comment on the appeal.

The case is In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, 05-md-01720, U.S. District Court, Eastern District of New York (Brooklyn).

To contact the reporter on this story: Karen Gullo in federal court in San Francisco at kgullo@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net


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Companies Mentioned

  • AXP
    (American Express Co)
    • $92.9 USD
    • -0.27
    • -0.29%
  • V
    (Visa Inc)
    • $261.67 USD
    • -2.49
    • -0.95%
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