American Express Handing $17,500,000 To Customers, Attorneys and Administrators In Class Action Settlement – Here’s Who Will Receive the Payout
American Express will pay $17.5 million to settle an antitrust lawsuit regarding anti-steering rules imposed on merchants.Summary
American Express has agreed to a $17.5 million settlement to resolve a federal antitrust lawsuit accusing the company of unlawfully restricting merchants from encouraging customers to use cards with lower processing fees. The lawsuit alleged that American Express’s anti-steering rules forced businesses to raise prices for all consumers to offset the higher fees associated with Amex cards. The settlement primarily benefits Illinois residents who used non-rewards Visa, Mastercard, or Discover cards at specific businesses, including Walmart, CVS, and Best Buy, between January 29, 2016, and June 1, 2022. The amount each Illinois consumer receives will depend on the total number of claims filed, with a filing deadline of May 19th. American Express has not admitted any wrongdoing, and final approval of the settlement is scheduled for June 17th.
(Source：The Daily Hodl)