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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.
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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
July 10, 2002 | From Associated Press
The fallout from the February failure of online credit card issuer NextCard Inc. will land on about 800,000 customers today when federal regulators close their accounts, abruptly cutting them off from some incentive programs that reward their past spending. The Federal Deposit Insurance Corp., which has has been overseeing the business since regulators seized the accounts Feb. 7, waited until Tuesday to tell NextCard customers their Visa credit cards would become worthless today.
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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