American Express Settles Antitrust Lawsuit for $17.5 Million

American Express has agreed to pay $17.5 million to resolve a federal antitrust class action lawsuit concerning alleged anti-steering rules imposed on merchants. According to NS3.AI, the settlement affects Illinois residents who used non-rewards Visa, Mastercard, or Discover credit cards at certain Illinois businesses between January 29, 2016, and June 1, 2022. The lawsuit claimed that American Express's rules restricted merchants from steering customers towards using other credit cards, potentially limiting competition and consumer choice. The settlement aims to address these concerns and compensate affected consumers.