American Express (AXP) said today that it will hold a press conference at 4:15 pm (ETD) to discuss the U.S. Department of Justice filing of a civil lawsuit against the company.
Earlier today, Kenneth Chenault, chairman and chief executive officer of American Express, said in a statement that unlike Visa and MasterCard, AmEx had no intention of settling the case with the government.
“We will defend the rights of our cardmembers at the point of sale and our own ability to negotiate freely with merchants,” said Chenault. “We are confident that the courts will recognize the perverse anti-competitive nature of the government’s case.”
The U.S. Justice Department [DOJ] filed a civil antitrust complaint today against AmEx, saying that the rules it imposes on merchants that take its cards are anticompetitive.
Shares of the New York, NY-based AmEx, fell more than 4 percent to $40.09 in afternoon trading.