29 March 2017
visit nextgenbanking.co.uk

Discover seeks $6bn from MasterCard and Visa in antitrust case

10 June 2008  |  7455 views  |  0 Globe

Discover Financial Services is seeking $6 billion in damages in a long running anti-trust lawsuit that accuses credit card rivals MasterCard and Visa of blocking its access to the bank-issued card market in the US.

The 2004 suit alleges anti-competitive business practices by MasterCard and Visa that effectively locked Discover out of the bank-issued card business in the US.

According to press reports the $6 billion claim was cited in legal papers that had been kept confidential but were unsealed in a court earlier this week.

MasterCard and Visa both dispute the claim for damages, which could potentially be tripled at a trial set for September in New York.

San Francisco-based Visa told reporters that the damages sought by Discover are "dramatically overstated", while MasterCard said Discover's claim is "baseless".

Discover and American Express both filed suit in 2004 after the US Supreme Court upheld a lower court ruling that found Visa and MasterCard violated antitrust laws by banning their member banks from issuing cards from rival firms.

Last November Visa agreed to pay American Express up to $2.25 billion to settle its case. However American Express is still seeking damages from MasterCard.

KeywordsFINDEXLEGAL

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

New Senate bill launched to rein in interchange fees

New Senate bill launched to rein in interchange fees

06 June 2008  |  12282 views  |  0 comments
Discover to acquire Diners Club for $165m

Discover to acquire Diners Club for $165m

07 April 2008  |  8855 views  |  0 comments
Visa jumps on market debut

Visa jumps on market debut

19 March 2008  |  6393 views  |  0 comments
MasterCard claims court ruling 'reaffirms legality of interchange'

MasterCard claims court ruling 'reaffirms legality of interchange'

14 March 2008  |  8087 views  |  0 comments
New legislation to allow US merchants to negotiate interchange fees

New legislation to allow US merchants to negotiate interchange fees

07 March 2008  |  8117 views  |  0 comments
Visa anticipates record-breaking $18.8 billion IPO

Visa anticipates record-breaking $18.8 billion IPO

25 February 2008  |  4841 views  |  0 comments
Barclays swallows Goldfish

Barclays swallows Goldfish

07 February 2008  |  8605 views  |  0 comments
Visa to pay $2.25bn to settle American Express lawsuit

Visa to pay $2.25bn to settle American Express lawsuit

08 November 2007  |  9132 views  |  0 comments
Morgan Stanley to spin off Discover

Morgan Stanley to spin off Discover

19 December 2006  |  6310 views  |  0 comments
Visa and Morgan Stanley settle antitrust dispute

Visa and Morgan Stanley settle antitrust dispute

06 November 2006  |  4906 views  |  0 comments
MasterCard slapped with EU antitrust charges

MasterCard slapped with EU antitrust charges

30 June 2006  |  7483 views  |  0 comments
US Supreme Court upholds Visa and MasterCard ruling

US Supreme Court upholds Visa and MasterCard ruling

04 October 2004  |  6549 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
12576 views comments | 50 tweets | 31 linkedin
MAS to roll out national KYC utility for SingaporeMAS to roll out national KYC utility for S...
12001 views comments | 33 tweets | 45 linkedin
hands typing furiouslyTwo key technologies driving Machine Learn...
8547 views 0 | 16 tweets | 4 linkedin
UK to roll out image-based cheque clearing systemUK to roll out image-based cheque clearing...
6884 views comments | 20 tweets | 43 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job