American Express Inks $17.5 Million Post-Verdict Antitrust Deal

American Express Co. reached a $17.5 million settlement with a group of consumer plaintiffs who challenged the company’s anti-steering rules, a proposed deal that would set aside a $12.5 million jury verdict reached last year.

Plaintiffs filed a motion for preliminary approval of the deal Jan. 23 in the US District Court for the Eastern District of New York. If approved, the settlement will end a lawsuit brought in 2019 and litigated last year through a three-week trial to a split jury verdict.

At issue are claims that Amex’s anti-steering rules prevented merchants from steering customers to rival payment cards, ...