Tuesday, October 5, 2010

DOJ files Anti-Trust against MasterCard, Visa and American Express

The  U.S. Justice Dept. has filed a civil antitrust lawsuit challenging rules that MasterCard, Visa and American Express have in place that prevent merchants from offering consumers discounts, rewards and information about card costs, resulting in increased merchants' costs and consumers paying more for their purchases.

"These restrictive rules restrain competition among credit-card networks for merchant acceptance and distort the competitive process," said Christine Varney, Assistant Attorney General in charge of the Department of Justice's Antitrust Division.  Joining the department in its lawsuit are the states of Connecticut, Iowa, Maryland, Michigan, Missouri, Ohio and Texas. 

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