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| This handout image shows the logo for American Express. MasterCard agreed to pay American Express up to 1.8 billion dollars to settle an antitrust lawsuit, the companies said on June 25,2008. American Express said it had reached an agreement with MasterCard to drop the lawsuit alleging it had illegally blocked Amex from the bank-issued credit card business in the US market. Under the terms of the agreement, MasterCard will pay American Express up to 1.8 billion dollars in 12 quarterly installments, beginning with the third quarter of 2008. Calling the combined antitrust settlement "the largest in US history," American Express said it would receive more than four billion dollars for agreeing to drop its claims against the two credit card networks. AFP PHOTO/AMERICAN EXPRESS/HO RESTRICTED TO EDITORIAL USE =GETTY OUT= |
Last update: Wednesday, June 25, 2008; 8:57 AM Pacific. © 2008 Scripting News, Inc. NewsJunk is a trademark of Scripting News, Inc.
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Last update: Wednesday, June 25, 2008; 8:57 AM Pacific.

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