The US Supreme Court on Monday let stand a ruling that the Visa and MasterCard credit card associations violated federal antitrust law by barring their member banks from issuing credit and charge cards on the rival American Express and Discover Card networks.
Without any comment, the justices rejected separate appeals by Visa and MasterCard of a ruling that found their so-called exclusionary rules harmed competition.
The Department of Justice opened a case against Visa and MasterCard in 1998, claiming the two stifled competition by forbidding thousands of banks in their networks from issuing American Express and Discover. Visa and MasterCard had appealed to the Supreme Court in a last-ditch attempt to overturn the rulings.
The move clears the way for American Express and Morgan Stanley to file a lawsuit, claiming up to a billion dollars in damages from Visa and MasterCard, the world’s two biggest credit card issuers.
For this complete story, please visit Visa and MasterCard Face Suit After Court Move.
