NEW YORK--(BUSINESS WIRE)--American Express (NYSE:AXP) issued the following statement today regarding a federal court’s ruling in the U.S. Department of Justice lawsuit:
“American Express is disappointed in the court’s ruling, which we believe will harm competition to the detriment of consumers and merchants. American Express intends to appeal the court’s ruling at the appropriate time.”
“American Express’ Non-Discrimination Provisions protect Card Members from anti-consumer practices, including at the checkout counter, such as being told to pay with another card. Eliminating these protections would inhibit consumers’ choice to pay with their preferred payment method and allow merchants who have agreed to honor our cards to then discriminate against them when our Card Members choose to pay with American Express.”
“Today’s decision would harm competition by further entrenching the two dominant payment networks, Visa and MasterCard. Only a small percentage of Visa and MasterCard holders carry American Express cards. By contrast, most American Express Card Members carry a competing card in their wallet. Today’s decision means merchants would be able to steer customers to use Visa and MasterCard, while it would be virtually impossible to steer away from them.”
“We believe that freedom of choice and fair competition are worth defending. We look forward to presenting our case to the appellate court, and believe we should prevail on appeal.”
About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com connect with us on facebook.com/americanexpress, foursquare.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.
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