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BUSINESS
September 20, 1988 | DOUGLAS FRANTZ, Times Staff Writer
MasterCard is raising the processing fee that merchants pay for credit card transactions, in a move that will put more money in the pockets of banks and increase merchant costs. MasterCard said the 29% increase, effective Jan. 1, is the result of increases in credit losses and interest rates. But some industry observers believe that the action is an attempt to regain ground lost to Visa International at the expense of merchants and ultimately consumers.
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BUSINESS
October 12, 2006 | From the Associated Press
Following the lead of MasterCard Inc., competitor Visa announced Wednesday that it planned to restructure its organization to create a new company and sell shares in an initial public offering. The move announced by San Francisco-based Visa, operator of the world's largest consumer credit card payment system, follows MasterCard's move in May to go public. Since the IPO, shares of the No. 2 card issuer have soared from an opening day price of $46.
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BUSINESS
September 9, 1999 | Associated Press
Visa International plans to cede some control over what products and services it offers members in a move that could give those financial organizations greater input into rapid changes taking place in the credit card industry.
BUSINESS
July 16, 2005 | From Reuters
A group of supermarket and drugstore chains has sued Visa International and its Visa USA Inc. unit, accusing the credit card association of fixing transaction fees and restricting competition in an effort to keep companies from negotiating lower rates. In the lawsuit, filed late Thursday in U.S. District Court in New York, the retailers contend that Visa's restrictions allow it to extract fees that are "artificially inflated."
BUSINESS
April 4, 2001
* Visa International Inc. said it is cutting costs by eliminating 160 jobs in its information technology and data processing division, 8% of the unit's total. The cuts are taking place in the San Francisco-based division known as Inovant, which provides products and services to Visa subsidiaries worldwide.
BUSINESS
March 10, 1998 | From Bloomberg News
Visa International Inc. said the dollar amount of transactions on its cards rose 22% in the 12 months through September, as more people started using the cards and more businesses began accepting them. Visa, a payment system owned by a consortium of banks, saw its biggest gains in Latin America, where its transaction volume more than doubled to $68 billion in the 12-month period, a spokesman said.
BUSINESS
September 11, 1998 | LIZ PULLIAM, TIMES STAFF WRITER
Visa USA expects personal bankruptcies to hit a new high of more than 1.3 million this year, and hopes an advertising campaign with the National Foundation for Consumer Credit will help stem the tide. Consumer and business bankruptcies are already at record levels for the last 12 months. Since June 30, 1997, 1.38 million consumers have filed for bankruptcy protection, compared with 1.26 million in the year-earlier period, the Administrative Office of the U.S. Courts said.
BUSINESS
September 18, 2003 | From Reuters
A federal appeals court upheld a lower court's antitrust ruling against Visa and MasterCard, dealing a blow to the credit card associations' efforts to prevent member banks from issuing cards from rivals American Express Co. and Discover. Visa said it would probably appeal the decision. From Reuters
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
November 16, 2004 | From Bloomberg News
American Express Co. sued Visa International Inc. and MasterCard International Inc. on Monday for imposing rules, later overturned by the courts, that barred thousands of banks from issuing its credit card. The suit, which also names eight banks as defendants, seeks billions of dollars in damages. Among the banks cited are J.P. Morgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. and a unit of Household International Inc., all of which were members of Visa's or MasterCard's board.
BUSINESS
September 18, 2003 | From Reuters
A federal appeals court upheld a lower court's antitrust ruling against Visa and MasterCard, dealing a blow to the credit card associations' efforts to prevent member banks from issuing cards from rivals American Express Co. and Discover. Visa said it would probably appeal the decision. From Reuters
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 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
March 5, 2003 | From Bloomberg News
Visa International Inc. and MasterCard International Inc. objected to a judge's preliminary ruling over foreign-exchange conversion fees that could force them to pay $500 million in refunds. The credit card companies were sued in 2000 by a consumer who accused them of concealing exorbitant surcharges for foreign purchases. After a trial, Judge Ronald Sabraw in Oakland issued a preliminary decision that the companies inadequately disclosed the costs.
BUSINESS
April 4, 2001
* Visa International Inc. said it is cutting costs by eliminating 160 jobs in its information technology and data processing division, 8% of the unit's total. The cuts are taking place in the San Francisco-based division known as Inovant, which provides products and services to Visa subsidiaries worldwide.
BUSINESS
June 6, 1996
Visa International Lets EU Banks Set AmEx Policy: Visa International Inc. opened the way for its European member banks to break with the Visa USA policy on competition and issue credit cards from American Express Co. and Dean Witter, Discover & Co. The Visa International board, meeting in Montreal this week, said it will let each of its six regional boards decide whether to pursue the ban on member banks issuing American Express or Discover cards. In the U.S.
BUSINESS
February 1, 1996 | Times Staff and Wire Reports
Visa, MasterCard Team Up on Internet: A group of companies led by Visa International and MasterCard International are working to devise a technical standard that will make credit card purchases over the Internet safe from cyber-thieves. The New York Times reported that the business group said the new technology is called Secure Electronic Transactions. It is to be unveiled today, and the services should be available by year-end.
BUSINESS
September 9, 1999 | Associated Press
Visa International plans to cede some control over what products and services it offers members in a move that could give those financial organizations greater input into rapid changes taking place in the credit card industry.
BUSINESS
September 11, 1998 | LIZ PULLIAM, TIMES STAFF WRITER
Visa USA expects personal bankruptcies to hit a new high of more than 1.3 million this year, and hopes an advertising campaign with the National Foundation for Consumer Credit will help stem the tide. Consumer and business bankruptcies are already at record levels for the last 12 months. Since June 30, 1997, 1.38 million consumers have filed for bankruptcy protection, compared with 1.26 million in the year-earlier period, the Administrative Office of the U.S. Courts said.
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