AmEx Drops After Losing U.S. Antitrust Lawsuit Over Steering
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American Express Co. fell in New York trading after a judge ruled that the company violated antitrust law with its policy barring merchants from asking customers to use other forms of payment.
AmEx dropped 1.7 percent to $78.40 at 4:10 p.m. Thursday after U.S. District Judge Nicholas Garaufis in Brooklyn issued his decision, which the company said it will appeal. The shares have slid 16 percent this year, the worst performance in the Dow Jones Industrial Average.