03 aug: KORR: Markedsoversigt: En dag med sving i renter og aktier
06 aug: USA/aktier: Beskæftigelsestal løftede Wall Street
03-08-2012 21:55:00

BofA Pegs Share of Merchant Settlement at $738 Million

Relateret indhold

Bank of America Corp. (BAC) will pay $738 million as part of a pending multi-billion settlement of merchant lawsuits over Visa Inc. (V) and MasterCard Inc. (MA) transaction fees.

The Charlotte, N.C., lender, which disclosed its share of the settlement Thursday in its Form 10-Q filed with regulators, is one of the numerous banks named in the seven-year-old lawsuits alleging Visa, MasterCard and the banks conspired to fix interchange fees at arbitrarily high levels.

Visa and MasterCard set the fees, but they are collected by card-issuing banks like Bank of America, J.P. Morgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) on each transaction.

As part of settlements announced last month in U.S. District Court in Brooklyn, Visa, MasterCard and the banks agreed to pay a combined $6.6 billion to merchants and temporarily reduce interchange fees by an amount equal to $1.2 billion. Visa and MasterCard each have agreements under which their bank clients are responsible for portions of their share of the settlement payments.

Bank of America is the second-largest issuer of Visa and MasterCard credit cards, according to 2011 data from the Nilson Report, a payments-industry newsletter. It said $539 million of its amount will be paid from proceeds Visa has set aside in a litigation escrow. The escrow is funded by Visa's Class B shares, which are owned by Bank of America and other U.S. banks.

The settlements, which require court approval, have sparked criticism from retailers, including Wal-Mart Stores Inc. (WMT), Target Corp. (TGT) and trade groups that are plaintiffs in the lawsuits. They argue the settlements do not fix problems they see in how interchange fees are set and will force them to give up their rights to sue the payment networks in the future.

Visa and MasterCard have maintained the deals will benefit merchants by allowing them to band together to negotiate interchange rates and giving them the ability to surcharge customers who pay with credit cards, a practice the payment networks previously banned.

Bank of America's settlement share was first reported by Bloomberg News Thursday.

The bank's shares were up 3.8% at $7.45 in recent trading Friday, on a day of broader market gains.

Write to Andrew R. Johnson at andrew.r.johnson@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

August 03, 2012 15:55 ET (19:55 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Fondsbørsmeddelelser

Vestas får tre ordrer i Kina - NY

29-03-2017 14:36:33
Vestas har fået tre vindmølleordrer til Kina, som alle er annonceret onsdag eftermiddag.Det danske vindmølleselskab skal levere møller til et projekt på 48 megawatt (MW) i Shandong-provinsen, til et 55 MW-projekt et uspecificeret sted i landet og til et andet 48 MW-projekt i Hebei-provinsen.Det fortæller Vestas i tre separate meddelelser.Det første projekt består af 22 V110-møller, der har en nomi..

Aktier/åbning: Mærsk trækker eliteindeks ned mens Carlsberg stiger

29-03-2017 09:36:06
Aktierne i A.P. Møller-Mærsk ligger omkring 150 kr. nede fra åbningen af aktiemarkedet onsdag - og det er lig det udbytte, der fragår aktierne. B-aktien falder med 1,1 pct. til 11.300 kr., mens A-aktien er 1,4 pct. nede i 10.880 kr.Samlet havde eliteindekset hikke fra morgenstunden - men efter 20 minutters handel har minusset bidt sig fast, og eliteindekset falder med 0,4 pct. til indeks 1069,4. D..

Aktier/tendens: Vestas kan komme i fokus i lysegrønt marked

29-03-2017 08:44:42
En større amerikansk satsning på olie og kul kan sætte Vestas i fokus fra morgenstunden, i et marked der ser ud til at åbne i plus.Præsident Donald Trump underskrev tirsdag et dekret om at tilbagerulle centrale dele af sin forgængers, Barack Obamas, klimalovgivning. Og Trump vil blandt andet fjerne et af Obamas tiltag, Clean Power Plan, fordi det ifølge dem er en hindring for olieboring og kulmine..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
1
Aktier/tendens: Vestas kan komme i fokus i lysegrønt marked
2
Vestas får tre ordrer i Kina - NY
3
Aktier/middag: Fransk storbank pifter efter Carlsberg - Pandora bakker
4
Nordea-flytning kan give ekstraregning til danske banker - citat
5
TK Development kom endelig i plus og varsler ny fremgang

Relaterede aktiekurser

Bank of America Corporat.. 23,37 -0,5% Fald i aktiekurs
Target Corporation 55,06 2,7% Stigning i aktiekurs
JP Morgan Chase & Co 88,29 -0,4% Fald i aktiekurs
Wells Fargo & Company 55,69 -0,5% Fald i aktiekurs
Wal-Mart Stores Inc 70,77 0,6% Stigning i aktiekurs
Visa Inc 88,89 -0,3% Fald i aktiekurs
Mastercard Incorporated 111,77 -0,6% Fald i aktiekurs
Jpmorgan Chase & CO COM .. 88,27 -0,2% Fald i aktiekurs
Bank of America Corporat.. 23,44 67,4% Stigning i aktiekurs

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Copyright Euroinvestor A/S 2017  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
29. marts 2017 19:07:59
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20170324.2 - EUROWEB4 - 2017-03-29 19:07:59 - 2017-03-29 19:07:59 - 1 - Website: OKAY

Når du besøger Euroinvestor.dk accepterer du, at der anvendes cookies, som vi og vores samarbejdspartnere benytter til funktionalitet, statistik og markedsføring. Læs mere om cookies på Euroinvestor.dk her

x