American Express (Amex) has lost its bid to dismiss an antitrust case against it, The Wall Street Journal reports. The lawsuit alleged that the company conspired to fix foreign currency conversion fees and imposing arbitration clauses in cardholder agreements, adds Reuters. The suit claims that Amex partnered with Bank of America, MasterCard and Visa along with other banks and credit card companies issuing MasterCard and Visa credit cards in setting fees for foreign exchange conversions mostly by mutual agreement in the first half of 1999. A jury has concluded that Amex’s conduct has caused injury to competition in the credit card market.

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