November 6, 2001 |
A NextCard Inc. shareholder sued the largest Internet credit card issuer and its officers, accusing them of trying to profit by misleading investors about the company's prospects for 2000 and 2001. NextCard Chief Executive John Hashman, Chairman Jeremy Lent, President Yinzi Cai and board member Safi Qureshey artificially inflated the stock so they could sell their shares for $9million, Russell Ballati alleged in papers filed in San Francisco federal court.
September 1, 2005 |
Credit card company MasterCard Inc. unveiled plans Wednesday for an initial public stock offering to help reshape its business during a time of unprecedented competitive and legal challenges mounted by rivals. The Purchase, N.Y., company is controlled by 1,400 financial institutions that issue MasterCard-branded products. The IPO is expected in next year's first quarter and will transfer a 49% equity stake and voting control into the hands of investors.
September 26, 2003 |
Signaling their intent to crack down on corporate coverups, federal authorities Thursday arrested a former Ernst & Young partner on charges the accountant tampered with records providing insights into the collapse of online credit card issuer NextCard Inc. Thomas Trauger, who oversaw Ernst & Young's financial audits of NextCard, is accused of altering key financial documents after banking regulators raised doubts about the San Francisco-based company's accounting practices in October 2001.
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.