ADVFN - Advanced Financial Network.
HOME» NYSE » B » BAC Stock Price » BAC Stock News

Bank of America Share News

 Bank of America Corp. Stock Price
BAC Stock Price
 Bank of America Corp. Stock Chart
BAC Stock Chart
 Bank of America Corp. Stock News
BAC Stock News
 Bank of America Corp. Company Information
BAC Company Information
 Bank of America Corp. Stock Trades
BAC Stock Trades

Bank of America Pegs Share of Merchant Settlement at $738 Million

By Andrew R. Johnson Bank of America Corp. (BAC) will pay $738 million as part of a pending multi-billion settlement of merchant lawsuits over Visa Inc. (V) and MasterCard Inc. (MA) transaction fees. The Charlotte, N.C., lender, which disclosed its share of the settlement Thursday in its Form 10-Q filed with regulators, is one of the numerous banks named in the seven-year-old lawsuits alleging Visa, MasterCard and the banks conspired to fix interchange fees at arbitrarily high levels. Visa and MasterCard set the fees, but they are collected by card-issuing banks like Bank of America, J.P. Morgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) on each transaction. As part of settlements announced last month in U.S. District Court in Brooklyn, Visa, MasterCard and the banks agreed to pay a combined $6.6 billion to merchants and temporarily reduce interchange fees by an amount equal to $1.2 billion. Visa and MasterCard each have agreements under which their bank clients are responsible for portions of their share of the settlement payments. Bank of America is the second-largest issuer of Visa and MasterCard credit cards, according to 2011 data from the Nilson Report, a payments-industry newsletter. It said $539 million of its amount will be paid from proceeds Visa has set aside in a litigation escrow. The escrow is funded by Visa's Class B shares, which are owned by Bank of America and other U.S. banks. The settlements, which require court approval, have sparked criticism from retailers, including Wal-Mart Stores Inc. (WMT), Target Corp. (TGT) and trade groups that are plaintiffs in the lawsuits. They argue the settlements do not fix problems they see in how interchange fees are set and will force them to give up their rights to sue the payment networks in the future. Visa and MasterCard have maintained the deals will benefit merchants by allowing them to band together to negotiate interchange rates and giving them the ability to surcharge customers who pay with credit cards, a practice the payment networks previously banned. Bank of America's settlement share was first reported by Bloomberg News Thursday. The bank's shares were up 3.8% at $7.45 in recent trading Friday, on a day of broader market gains. Write to Andrew R. Johnson at andrew.r.johnson@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Bank of America (BAC)
DateTimeHeadline
11/21/201417:06:39Two Top-Producing Advisers Leave Merrill Lynch--Street Moves
11/20/201417:55:14Merrill Loses Veteran Wealth Manager to UBS -- Street Moves
11/20/201413:22:06Average Wall St. Pay to Rise 4% This Year -- Update
11/19/201420:40:24Bank Payouts for Government-Job Takers Under Fire
11/19/201418:40:21Regulators' Clarification Still Sows Banks' Unease
11/18/201419:55:17Goldman Hits Mother Lode on Deals
11/17/201419:19:26High Court to Review Second-Mortgage Liens -- 2nd Update
11/12/201417:09:37OCC Fines Citigroup, J.P. Morgan, Bank of America Over Foreign...
11/10/201401:06:00Hong Kong Murder Case Adjourned for Two Weeks -- Update
11/10/201400:10:29Hong Kong Murder Case Against British Banker Adjourned
11/09/201423:59:17Hong Kong Murder Case Against U.K. Banker Adjourned for Two Weeks
11/07/201416:37:33RBC Wealth Nabs Merrill Team -- Street Moves
11/05/201423:40:12ANZ Names Xiaoguang CEO for China Business
10/28/201418:39:29Jefferies Expected to Book up to $15 Million Loss on Toms Shoes...
10/28/201406:40:03Big Banks: Fourth-Quarter Outlook -- Barron's
10/26/201416:46:21Banks Demand That Law Firms Harden Cyberattack Defenses
10/20/201418:07:05Stifel Financial to Hire Two Former Merrill Lynch Advisers
10/20/201416:09:27Morgan Stanley Hires from Merrill, J.P. Morgan, UBS -- Street...
10/16/201422:00:25U.S. to Boost Security for Federal Benefit Cards
10/16/201421:44:35U.S. to Boost Security for Government-Issued Debit Cards -- Update

Bank of America and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad