American Express' network rules have deterred Discover from using lower interchange rates to lure more merchants, a high-ranking Discover executive testified in federal court.

Discover (DFS) President and Chief Operating Officer Roger Hochschild took the witness stand on Thursday in a high-stakes antitrust battle over the legality of American Express' (AXP) anti-steering rules.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.