I don't know they'll go after co-brands. That could really piss off the cobrands who would find themselves either having to give courtesy points to customers or telling their customers to take a hike and talk to Amex, either way the cobrand is the one now taking the heat. It would also mean Amex showing they were an incompetent credit card partner. I don't know what sorts of clauses are in those partner contracts but, just spit-balling here, I think there must be something about if one of them demonstrates egregiously incompetent behavior that damages the other's brand the other can bail- or be given a bunch of money... watch all co-brands get clawed back tomorrow.