American Express (AMEX), a major credit card company, is about to pay out millions to settle a federal lawsuit.
In a class-action lawsuit filed in New York, the financial giant is accused of imposing illegal anti-steering regulations on merchants that accept AMEX as payment.
According to the complaint AMEX had put restrictions in its agreements with retailers that prevented them from encouraging customers to use non-AMEX credit cards with lower fees.
Businesses raised prices to compensate for the AMEX fees, even if they did not accept Amex.
This lawsuit is for consumers who purchased goods from 38 businesses between 2015 and 2022 in 9 states, including Alabama, District of Columbia (D.C.), Illinois, Kansas Maine, Mississippi North Carolina Oregon Utah.
The lawsuit was successful for only one consumer group, Illinois residents using non-rewards Visa Mastercard Discover cards at specified retailers, such as Walmart, CVS, and Best Buy between January 29, 2016 to June 1, 2020.
How much Illinois consumers receive depends on how many claims they file.
Deadline to submit a claim is the 19th of May.
AMEX did not admit to wrongdoing by agreeing to settle this lawsuit. On June 17, a judge will give the final approval to the settlement.
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The post American Express Paying Out $17.500,000 to Customers, Attorneys, and Administrators in Class Action Settlement may change as new information becomes available.
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