American Express settles suit
Published: Thu, Jun. 26, 2008 12:30AM
Modified Thu, Jun. 26, 2008 02:22AM
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closeNEW YORK -- American Express Co. has ended another round of litigation with a rival card company but still faces serious head winds from its customers.
After announcing Wednesday that it will get $1.8 billion from MasterCard Inc. in settlement of an antitrust suit, the credit card lender -- known for catering to jet-setters and the well-heeled -- revealed that it has again underestimated how quickly its cardholders are falling behind on their debt. The rocky consumer climate comes amid a tough legal period for credit card companies, which are battling around the world over various rules and fees.
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