Massive Law Suit Alleges Credit Card Companies Colluded

A lawsuit filed in New York federal court alleges eight leading credit card companies violated U.S. antitrust laws by colluding to promote arbitration of customer disputes, the Wall Street Journal reported on Thursday.

It said the complaint alleges Bank of America Corp., Capital One Financial Corp., J.P. Morgan Chase & Co, Morgan Stanley’sDiscover unit, Citigroup Inc., MBNA Corp., Providian Financial Corp. and Britain’s HSBC Holdings plc “combined, conspired and agreed to implement and/or maintain mandatory arbitration.”