Visa, MasterCard and eight banks have been sued by American Express for “anti-competitive practices” that led to damages as around 20,000 U.S. banks were not able to use AE credit card products.

 

"Consumers have been damaged by the boycott by being deprived of competitive alternatives," said David Boies, a lead outside counsel for American Express. "This is a lawsuit that ought not to have been necessary. It deals with conduct that has been repeatedly found unlawful," he added.

 

Visa said it would fight the lawsuit. “American Express already got what it wanted from the court -- the ability to

issue its products through Visa members," the company said in a statement.

 

“This will be a very different case, as American Express will need to prove that it was injured and suffered damages as a result of MasterCard's policy - claims that the reality of the marketplace demonstrate are entirely unfounded," said MasterCard.