Merchant Class Action Settlement Denied
August 4, 2015 - American Express issued the following statement today in response to a federal court's decision to deny final approval to its merchant class-action settlement: "We are disappointed in the court's decision to deny final approval to the settlement. We continue to believe the agreement is fair to merchants, providing them with additional flexibility while ensuring our Card Members are treated fairly at the point of sale. We believe we have strong defenses against the merchants' claims, and will continue to fight our case in court."
The Office of the Ombudspersons is a confidential resource available to all American Express employees, contractors and vendors. They provide guidance to help surface and address work-related issues. The "Ombuds" office is independent and does not advocate for management or for the employee, but rather we are an advocate for a fair practice.MORE
We are disappointed with the decision and plan to file an appeal because we believe the decision was wrong. The court's ruling will not provide any benefit to consumers and will, in fact, harm competition by further entrenching the two dominant networks.
We continue to believe that the Department of Justice's arguments are flawed and believe we should prevail on appeal.
October 21, 2010 -- The American Express Company third-quarter earnings conference call included a discussion of regulatory, legislative and legal changes affecting the payments industry. Text of the remarks by chairman and chief executive officer, Kenneth I. Chenault. MORE
October 8, 2010 -- In a Washington Post op-ed, American Express Company Chairman and Chief Executive Officer Kenneth I. Chenault outlines the reasons why the company believes that the recently announced U.S. Department of Justice's civil antitrust case "does nothing for consumers" and "will eventually lead to less competition, not more." MORE
October 4, 2010 -- American Express said the antitrust lawsuit filed today against the company is a significant retreat from previous Department of Justice efforts to promote competition in the payments industry. MORE
In January 2008 the European Union officially launched a major initiative to create the Single Euro Payments Area (SEPA). MORE
American Express believes that active engagement in the public policy arena is an important part of responsible corporate citizenship and is vital to the democratic process. MORE
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