Bloomberg – 7/31/14: American Express Co. Chief Executive Officer Kenneth I. Chenault defended company rules that bar merchants from asking customers to use cards with lower processing costs as a needed measure to protect its brand. Chenault, 63, testified yesterday at a trial in Brooklyn, New York, over U.S. Justice Department claims that the rules violate antitrust law. The New York-based card company has said its rules promote rather than stifle competition by allowing it to offer generous rewards and differentiate itself from rivals with larger market share, Visa Inc. (V) and MasterCard Inc. (MA)
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