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BUSINESS
May 25, 2006 | From the Associated Press
MasterCard Inc. priced its long-awaited initial public offering Wednesday at $39 a share, slightly below the market's expectation. At that price, the Purchase, N.Y.-based credit card association would raise $2.39 billion, making the IPO the largest by a U.S. company in two years. By comparison, Google Inc. raised $1.7 billion when it went public in 2004. About 62 million MasterCard shares representing a 46% stake will begin trading today under the symbol MA.
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BUSINESS
June 18, 2003 | From Dow Jones/Associated Press
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.
BUSINESS
September 29, 2004 | From Associated Press
Securities regulators on Tuesday sued the management team behind the rapid rise and fall of online credit lender NextCard Inc., alleging the company's top executives cooked the books and then scrambled to sell their stock before the ruse unraveled into financial ruin. The civil complaint filed Tuesday by the Securities and Exchange Commission continues the government's effort to clean up one of the dot-com bust's biggest debacles.
BUSINESS
October 14, 2011 | By Tiffany Hsu, Los Angeles Times
A group of automated-teller machine operators sued Visa Inc. and MasterCard Inc., the country's largest payment networks, accusing them of fixing ATM access fees. The lawsuit sheds light on how the banking system collects fees from consumers. In the last month, consumers have been demonstrating their outrage at new debit-card fees, among other new charges levied by banks this year. The suit, filed in U.S. District Court in Washington, D.C., alleges that the Visa and MasterCard violated antitrust laws by forcing independent machine operators to accept anti-competitive contract terms.
BUSINESS
February 3, 2006 | From Reuters
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.
BUSINESS
July 8, 2003 | From Bloomberg News
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.
BUSINESS
September 12, 2003 | From Bloomberg News
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.
BUSINESS
July 23, 1990 | From United Press International
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.
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