AMEX’s $17.5M Apology: Who Gets the Crumbs?

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In a gesture as grand as a peasant’s feast, American Express (AMEX) has decided to part with a mere $17.5 million to settle a federal antitrust lawsuit. One might say they’ve finally found a use for their spare change.

The lawsuit, filed in the bustling courts of New York, accuses the financial behemoth of shackling merchants with anti-steering rules-a practice as subtle as a bear in a china shop. Apparently, AMEX forbade merchants from whispering sweet nothings about lower-fee cards to their customers. How dare they suggest frugality!

According to the complaint, these rules forced businesses to inflate prices for all, regardless of whether they wielded an AMEX card or not. A truly egalitarian approach to overcharging, one might say.

The lawsuit, spanning 2015 to 2022, covers consumers in nine states and the District of Columbia. Yet, in a twist as ironic as a doctor prescribing leeches, only Illinois residents who used non-rewards Visa, Mastercard, or Discover cards at select stores (Walmart, CVS, Best Buy, and others) between January 29, 2016, and June 1, 2022, will see a penny of this settlement. The rest? Left to ponder the meaning of justice.

The payout, much like a Russian winter, promises to be cold and sparse, depending on the number of claims filed. The deadline to file a claim is May 19th-a date that will surely be etched in the annals of minor inconveniences.

AMEX, of course, has not admitted any wrongdoing. Why would they? It’s not as if they’ve been caught red-handed with their hand in the cookie jar. A judge will give final approval on June 17th, though one wonders if it’s merely a formality in this grand charade.

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2026-03-07 16:21