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BUSINESS
September 14, 2007 | From Times Wire Services
Visa, the nation's largest credit card network, on Thursday got the go-ahead from the Securities and Exchange Commission to move forward with plans to go public. The SEC approved the company's registration statement, filed in June, which outlined a plan to streamline Visa Canada, Visa International and Visa USA into a single company, Visa Inc. The companies now are owned by their member banks.
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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.
BUSINESS
November 6, 2001 | Bloomberg News
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.
BUSINESS
November 15, 2002 | Michael Liedtke, Associated Press
Online credit card issuer NextCard Inc. sought bankruptcy protection Thursday in a last-ditch attempt to come back as a financial services consultant. The Chapter 11 filing, in a Bankruptcy Court in Delaware, had been anticipated. Federal regulators seized San Francisco-based NextCard's bank nine months ago and then cut off its credit card operations in July. The company had been staying afloat under a service contract with the Federal Deposit Insurance Corp.
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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