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Discover will get 2.8 billion dollars from Visa and MasterCard

October 15, 2008 - 3:44pm | author: ayny | |

Yesterday there was a suit that has finally ended the story with such monsters of card payment industry as MasterCard, Visa Card and Discover. We have already written about the background of this lawsuit filed by Discover in 2004. 

In case of fail Visa and MasterCard would have been paid 18 billion to Discover. However, yesterday the case was settled for about 2.8 billion dollars. The details of the agreement have not been disclosed yet. 
"This settlement was at the higher end of our expectation range but not at a level that represents a material surprise,” said Adam Frisch, UBS AG analyst. 

American Express had won 4.05 billion dollars from the same companies in the similar suit. 



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