MasterCard will pay about $1.8 billion to American Express to settle an antitrust lawsuit. Under terms of the settlement, the credit card company will make 12 quarterly payments of $150 million to its rival. MasterCard will take a $1 billion charge related to the settlement in the current fiscal quarter. American Express accused MasterCard of illegally blocking American Express from the bank-issued card business. American Express is also warning that business is getting weaker in the United States, with things deteriorating more than it expected in June.
Source: Associated Press
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