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BUSINESS
September 6, 2006 | From the Associated Press
MasterCard Worldwide said it would establish a cap on the fees gas stations pay to clear consumer credit cards and would publish a complete list of its so-called interchange fees, which merchants pay for the processing of card transactions. The move comes as a number of retail groups have filed class-action suits against MasterCard, Visa USA and a number of major banks over interchange fees. The merchants pay those fees indirectly as a component of fees charged to them by their 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
February 17, 2006 | From Associated Press
MasterCard Inc., the nation's second-largest credit card brand, said Thursday it would postpone its initial public offering until the second quarter as its chief executive recovers from surgery for prostate cancer. The company had been expected to list on the New York Stock Exchange during the first quarter. However, MasterCard said President and CEO Bob Selander recently was diagnosed with the cancer, which would have made touting the IPO in an investor road show difficult.
BUSINESS
September 27, 2005 | From Reuters
Four merchant groups have filed an antitrust lawsuit against Visa USA, MasterCard Inc. and dozens of major banks, saying they colluded to set excessive credit card fees. The plaintiffs estimate damages "will range in the tens of billions of dollars," according to the 59-page class-action complaint, filed Friday with the U.S. District Court in Brooklyn, N.Y. Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., the largest U.S. credit card issuers, are among the more than 40 defendants.
BUSINESS
September 1, 2005 | From Associated Press
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.
BUSINESS
July 27, 2005 | From Reuters
Visa USA and MasterCard International have won dismissal of a lawsuit by California merchants that accused the credit card associations of antitrust violations in setting payment transaction fees. U.S. District Judge Jeffrey White in San Francisco also dismissed claims against Bank of America Corp., Wells Fargo & Co. and U.S. Bancorp, saying the merchants failed to allege a conspiracy to fix fees.
TRAVEL
June 19, 2005 | James Gilden, Special to The Times
Goodbye, MBNA. Hello, Providian. If you use a credit card in a foreign country, you may find yourself saying something like that. Two years ago, this column examined the increasing propensity of credit card-issuing banks to tack on a 1% to 2% fee for foreign currency transactions. That fee was in addition to a 1% currency exchange fee that Visa and MasterCard charged. Things have progressed from there, woe to the foreign traveler.
BUSINESS
June 7, 2005 | E. Scott Reckard, Times Staff Writer
Washington Mutual Inc. agreed Monday to acquire credit card company Providian Financial Corp. for about $6.4 billion in stock and cash, a move that would give the Seattle-based thrift a potentially high-profit new business line. San Francisco-based Providian offers Visa cards in its own name and in partnership with entities as PayPal Inc. and the Democratic Party, as well as MasterCards in partnership with EBay Inc. Shares of both companies fell on the news, with Washington Mutual dropping $1.
BUSINESS
June 22, 2004 | From Associated Press
Customers of Wal-Mart Stores Inc. can use MasterCard Inc.'s signature debit cards to make purchases for the first time since February, when the world's largest retailer suspended their usage in a disagreement over fees charged to merchants. Bentonville, Ark.-based Wal-Mart said in December that MasterCard's fees were too high. The move made Wal-Mart the first major retailer to take such action since a lawsuit settlement freed merchants to pick which credit and debit card services to use.
BUSINESS
May 1, 2003 | Chaka Ferguson, Associated Press
Visa USA Inc. reached a tentative $2-billion settlement Wednesday with thousands of retailers, averting a trial over the company's popular debit cards, a source close to the talks said late Wednesday. The terms of the deal, which was not yet signed, are similar to those agreed to Monday between the retailers and MasterCard International, the source said on condition of anonymity. Word of the settlement came after U.S. District Judge John Gleeson in Brooklyn, N.Y.
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