Antitrust Law
Visa Agrees to $2 Billion Antitrust Settlement
Posted Nov 8, 2007, 06:04 am CST
By Debra Cassens Weiss
Visa has agreed to pay more than $2 billion to settle a lawsuit filed by American Express, a sum thought to be the largest amount ever paid to resolve an antitrust case, the New York Times reports.
American Express filed suit in 2004 after court rulings required Visa and MasterCard to allow member banks to offer credit cards on rival payment networks, the Wall Street Journal reports (sub. req.).
The settlement was reached with the assistance of mediator Kenneth Feinberg, who oversaw the September 11th Victim Compensation Fund.
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