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BUSINESS
April 2, 2003 | From Bloomberg News
Visa USA Inc. and MasterCard International Inc. must face trial in a lawsuit accusing them of forcing merchants to accept their debit cards, a judge said in a ruling that makes it easier for retailers to prove their case. The suit, filed in 1996 by a group of retailers led by Wal-Mart Stores Inc., claims the two leading credit card companies illegally sought to extend their credit card dominance into the debit card market. The case is scheduled to begin trial April 28.
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BUSINESS
October 15, 2008 | From Bloomberg News
Discover Financial Services, the fourth-biggest U.S. credit card company, settled an antitrust suit in which it sought $18 billion from larger rivals Visa Inc. and MasterCard Inc. for blocking banks from issuing its cards. The accord came as trial was to begin Tuesday in Manhattan federal court. Terms weren't disclosed, but UBS analyst Adam Frisch in New York wrote that "industry sources" said the case was settled for $2.
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BUSINESS
August 2, 1997 | From Bloomberg News
The U.S.'s largest mall developers have formed an alliance to market a Visa credit card that consumers can use at their properties to gain discounts on future purchases. Led by Indianapolis-based Simon DeBartolo Group Inc., the developers collectively own more than 400 malls. Long bitter competitors, they have come together for the first time, hoping that a credit card will help boost lagging mall sales and increase the amount of time consumers spend at their properties.
BUSINESS
March 20, 2008 | From the Associated Press
After the biggest initial public offering in U.S. history, Visa Inc. shares soared 28% in their stock market debut Wednesday as investors bet that an accelerating shift to electronic payment would enrich the world's largest processor of credit and debit cards. The company's shares were priced Tuesday night at $44 a share, raising nearly $18 billion. They finished Wednesday at $56.50, up $12.50, on the New York Stock Exchange. The run-up gave the San Francisco-based company a market value of about $45 billion.
BUSINESS
February 19, 1994 | From Reuters
The International Olympic Committee lashed out Friday at American Express Co., accusing the company of being a parasite at the Winter Games. The argument over what the IOC called "ambush marketing" stems from an American Express television commercial promoting the availability of its services in Norway. A voice-over says: "So if you're traveling to Norway, you'll need a passport but you don't need a Visa."
BUSINESS
July 10, 1998 | From Bloomberg News
Visa USA Inc. is being investigated by federal antitrust regulators concerned it may be stifling competition by preventing consumers from using its new debit card to make purchases through rival debit networks, industry officials said. The inquiry is part of an expanded Federal Trade Commission probe into requirements by both Visa and MasterCard International that merchants that accept their credit cards must also honor their brand-name debit cards, the officials said.
BUSINESS
February 24, 2000 | From Associated Press
A judge granted class-action status Wednesday to several of the nation's largest retailers and smaller merchants in an $8.1-billion antitrust challenge to fees charged by Visa and MasterCard for debit cards. U.S. District Judge John Gleeson in Brooklyn gave the retailers and merchants the pretrial legal victory, but otherwise made it clear in his 45-page written decision that he was not ruling on the merits of the case.
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
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.
BUSINESS
July 6, 1990 | CHRIS WOODYARD, TIMES STAFF WRITER
Two of the nation's best-known credit card companies said Thursday that they filed a joint lawsuit accusing a telemarketing operation of massive international fraud by "laundering" credit card receipts. Visa International Service Assn. and MasterCard International Inc. allege in the suit that individuals and telemarketing firms in several states violated federal racketeering and copyright laws through the scheme.
BUSINESS
March 19, 2008 | From Times Wire Services
Visa Inc. raised $17.9 billion late Tuesday to complete the largest initial public offering in U.S. history and help prop up the wobbly financial services industry. The world's largest processor of credit and debit cards sold 406 million shares at $44 apiece to easily eclipse the previous U.S. record IPO of $10.6 billion set by AT&T Wireless eight years ago. If investment bankers exercise an option on an additional 40.6 million shares, Visa's IPO would end up raising $19.7 billion before expenses.
BUSINESS
December 22, 2007 | From Times Wire Services
Credit card leader Visa Inc. posted an $861-million loss for fiscal 2007, weighed down by $2.65 billion in litigation costs, most of which came from settling an antitrust suit brought by rival American Express Co. Revenue in the year ended Sept. 30 rose 33% to $5.19 billion. The loss compares with profit of $453 million in 2006, Visa said.
BUSINESS
November 10, 2007 | From Times Wire Services
Visa, the biggest U.S. credit card network, plans to raise $10 billion in an initial public offering. Visa said it would deposit a portion of the company's proceeds into an escrow account to pay settlements or judgments related to litigation. The offering is expected to be the biggest of the year. Visa is following in the footsteps of rival MasterCard, which has more than quadrupled in market value since it went public in May.
BUSINESS
June 9, 2007 | From Times Wire Services
A service fee that Visa places on its largest debit-card issuers that essentially deterred them from moving their business to a competitor is unlawful, a judge has ruled. Credit card network operator and Visa rival MasterCard Inc. said U.S. District Judge Barbara S. Jones ruled against Visa's fee, which was imposed after a lawsuit was settled in 2003.
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 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.
BUSINESS
May 9, 1990 | From Associated Press
Visa U.S.A. and Mastercard International agreed to abandon a national debit card venture to settle charges by 14 states that they schemed to monopolize the emerging market, it was announced Tuesday. But the giant credit card associations--the world's largest with a combined 370 million cardholders worldwide--denied the allegations and said they agreed to the settlement partly to avoid a lengthy legal battle. Both said they would continue developing separate debit card systems.
BUSINESS
March 7, 2003 | From Reuters
Visa USA said it will require merchants that accept Visa payments to display only the last four digits of a card number on receipts in an effort to thwart a surge in financial identity theft. New terminals that process payment by Visa cards will be outfitted with the information-masking function beginning in July, the company said. Visa wants all merchants accepting Visa card payments to remove the first 12 digits of the card number and its expiration date from receipts by July 2006.
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
December 30, 2003
Visa USA said U.S. holiday spending on its debit and credit cards rose 14.2% from last year. Visa said the amount of spending on its cards rose to $97.9 billion for the period from Nov. 28 to Dec. 28.
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