June 18, 2003 |
Bankrupt credit card lender NextCard Inc. has abandoned plans to reorganize and is planning to liquidate, according to court documents. The San Francisco-based company filed liquidation plans Monday with U.S. Bankruptcy Court in Wilmington, Del., under which it would pay $2.5 million to $17 million to creditors, far short of the $464 million in claims filed against the company. Under terms of the plan, payouts are set to be funded by NextCard's cash holdings of $4.
July 7, 2010 |
Last fall, like so many Americans before him, Josh Reich ended up in a frustrating game of phone tag with JPMorgan Chase over a bill, this one about escalating fees and other bank errors involving his home equity loan. Unlike most Americans, Reich decided to respond not by complaining but rather by contacting a friend from business school and convincing him that they could start their own bank, one that would challenge the old way of doing business. "The idea of starting it came from the realization that banks in America make money by keeping their customers confused," Reich said at the offices of BankSimple, as the product of that inspiration is known.
February 3, 2006 |
Retailers that won a $3-billion antitrust settlement from Visa USA and MasterCard International Inc. are questioning a bid by the U.S. government to get a share of the settlement money. In a Feb. 1 letter to the judge overseeing the case, the lead attorney representing the retailers said there was a "serious question" about whether the Justice Department and the U.S. Postal Service, which had filed claims Jan. 27, should be given a piece of the landmark settlement.
July 8, 2003 |
MasterCard International Inc. and Visa International Inc. lost a bid to dismiss a lawsuit accusing them of conspiring to impose hidden fees of as much as $4 billion on cardholders who make purchases overseas. U.S. District Judge William Pauley in New York last week refused to dismiss several antitrust claims in the case. In April, a California judge said the companies must provide refunds for the fees on overseas purchases, a ruling that could cost them $800 million. A lawyer for Purchase, N.Y.
September 12, 2003 |
Visa International Inc. and MasterCard International Inc. can place notices in newspapers and monthly credit card bills telling customers how to claim $800 million in refunds, a California judge said. Judge Ronald Sabraw's tentative ruling in Oakland was a partial victory for Visa and MasterCard, the two largest credit card companies, in a case over refunds for foreign exchange fees collected since 1996.
July 23, 1990 |
Credit Card Firms Win Round: A federal judge handed a victory Monday to Visa and MasterCard by temporarily barring 19 telemarketing defendants from laundering credit card sales drafts or indicating that they are authorized to accept Visa or MasterCard charges. U.S. District Judge Edward Rafeedie in Los Angeles issued the preliminary injunction in a suit by Visa International Service Assn. and MasterCard International Inc.
December 13, 1995 |
MasterCard International Inc. said it resumed talks with Visa International Inc. over a set of guidelines designed to prevent theft of financial information on the Internet. The development of a single standard could accelerate the acceptance of electronic commerce on the Internet. The talks bring together MasterCard and its partner, Netscape Communications Corp., with Visa and Microsoft Corp. Other companies involved include RSA Data Security Inc. and VeriSign Inc.