Amex Joins Retailers in Appealing Swipe Fee Settlement

NEW YORK -- Add American Express Co. to the growing list of names appealing the class-action settlement in the nearly eight-year legal battle over credit card swipe fees.

American Express filed its notice to appeal in federal court in Brooklyn, N.Y., on Wednesday, according to a report by Bloomberg. The New York-based financial company joins trade associations and other retailers -- including Wal-Mart Stores Inc., Amazon.com Inc., 7-Eleven Inc. and Barnes & Noble Inc. -- that have already filed notices.

Marina Norville, a spokeswoman for American Express, had no immediate comment on the appeal, according to the news outlet.

The new legal wrangling comes nearly a month after U.S. District Judge John Gleeson granted final approval to a $5.7-billion settlement in the case that saw retailers battling Visa Inc., MasterCard Inc. and other financial institutions over the swipe fees, which are also known as interchange fees.

Late last month, American Express reached a settlement to its own legal woes over credit card surcharges. The company will pay as much as $75 million to settle two class-action suits alleging the credit card processor's policies have increased costs retailers must pay to accept its credit and charge cards. The company also agreed to alter some rules to make conditions more favorable for merchants, as CSNews Online previously reported.

The Amex settlements still require court approval. As part of the agreements, retailers will be prohibited from suing Amex regarding some of its policies for 10 years after these changes are made.