American Express Suing Card Companies Over Antitrust Violations
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Travel and financial services giant American Express Co. on Monday sued Visa and MasterCard as well as eight banks for damages stemming from anticompetitive practices that prevented American Express from issuing cards through U.S. banks.
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The U.S. Federal Trade Commission has filed charges against a payment processing company, accusing it of attempting to debit consumers&#39; bank accounts for up to $200 million on behalf of dishonest merchants.Those consumers either never received the goods or received worthless items, said the FTC, which filed the complaint with seven other U.S. states. The payment company allegedly violated both federal and state consumer fraud laws, telemarketing rules, and FTC regulations regarding the unfair processing of payments.The payment processing company went by several names, which are listed in a FTC news release. The FTC alleges the company processed payments for fraudulent telemarketers and Internet-based merchants that used deceptive sales scripts and methods.About $69 million of the $200 million in transactions were either rejected by consumers or returned because of lack of proper payment authorization, the FTC said.The FTC wants to refund consumers and force the company to forfeit money it still holds from the fraud in addition to other civil penalties. The complaint was filed in the U.S. District Court for the Eastern District of Pennsylvania.The states that have joined the suit are Illinois, Iowa, Nevada, North Carolina, North Dakota, Ohio, and Vermont.
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American Express has sued credit card associations Visa and MasterCard and eight banks for damages from what it called anti-competitive practices that prevented 20,000 US banks from using its credit card products.
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Credit card company American Express   said on Thursday that a slowdown in cardholder spending  and rising delinquencies would lead to a pre-tax charge of  around $440 million for the fourth quarter.
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NEW YORK - American Express Co. yesterday sued Visa and MasterCard, as well as eight banks, and alleged that they blocked the sale of its credit cards through US banks.
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NEW YORK/WASHINGTON  - The U.S. Supreme Court on  Monday rejected appeals by Visa and MasterCard of a ruling that  the two credit card associations violated antitrust law by  barring banks from issuing credit cards for rival networks.
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American Express has recently suffered considerable damage as around 20 thousand US banks could not use AE cards. &quot;Consumers have been damaged by the boycott by being deprived of competitive alternatives,&quot; said
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Class action suit accuses the software giant of violating state's business code.
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NEW YORK -- UBS AG was sued by New York State over allegations that Europe's largest bank defrauded thousands of brokerage clients out of tens of millions of dollars by steering them into costly accounts they didn't need.
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The US Supreme Court rejected appeals by Visa and MasterCard to overturn a ruling that they violated antitrust rules by barring banks from issuing cards on rival networks.
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Walgreen Co. WAG.N, the largest U.S.  drugstore chain, on Wednesday said it will no longer accept  American Express' roughly 36 million credit cards because of  their high service fees that merchants have to pay.
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Beware the wily ways of credit card companies.
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A ruling that Visa and Mastercard had violated antitrust law is upheld  by the US Supreme Court.
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American Express Co. AXP.N on Monday  sued credit card associations Visa and MasterCard and eight  banks for damages from what it called anti-competitive  practices that prevented 20,000 U.S. banks from using its  credit card products.
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New York Attorney General Eliot  Spitzer on Thursday sued several prominent participants in the  insurance industry, including AIG and broker Marsh & McLennan  Cos. MMC.N, charging they engaged in market manipulation.
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American Express has seen its quarterly profits climb, thanks to rising credit card use especially by international cardholders.
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A lawsuit is filed on behalf of bummed-out New York customers.