ADVFN - Advanced Financial Network.
HOME» NYSE » T » TGT Stock Price » TGT Stock News

Target Share News

 Target Corp Stock Price
TGT Stock Price
 Target Corp Stock Chart
TGT Stock Chart
 Target Corp Stock News
TGT Stock News
 Target Corp Company Information
TGT Company Information
 Target Corp Stock Trades
TGT Stock Trades

BofA Pegs Share of Merchant Settlement at $738 Million

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 Target (TGT)
DateTimeHeadline
12/17/201418:36:38Hudson's Bay Appoints Gerry Storch as CEO -- Update
12/17/201408:35:19Hudson's Bay Appoints Gerry Storch as CEO
12/11/201408:42:30Starboard Confirms Staples Stake, Boosts Position in Office Depot...
12/11/201407:47:19Starboard Confirms Staples Stake, Boosts Position in Office Depot
12/10/201422:21:04Starboard Value Takes Roughly 6% Stake in Staples -- 2nd Update
12/10/201421:59:36Starboard Value Takes Roughly 6% Stake in Staples -- Update
12/01/201417:32:29MARKET SNAPSHOT: S&P 500, Dow Fall On Weak Economic Data; Nasdaq...
12/01/201414:25:24U.S. Stocks Trade Lower
12/01/201413:09:12PepsiCo Europe CEO Guimaraes to Replace Abdalla as Global Operations...
12/01/201411:34:30MARKET SNAPSHOT: S&P 500 Set For Biggest Drop In Weeks
12/01/201409:29:07MARKET SNAPSHOT: U.S. Stocks: Futures Fall; ISM Next
12/01/201408:50:05Intel Acquires PasswordBox
12/01/201406:07:34MARKET SNAPSHOT: U.S. Stocks: Futures Drop As Oil Prices Slide...
11/30/201420:17:24Black Friday' Fades for Retail Sales
11/30/201415:12:17Holiday Weekend Sales Fell 11%--NRF
11/28/201420:10:09Wal-Mart and Target Take Fight to Amazon for Holiday Sales
11/28/201415:26:07Wal-Mart, Target Report Strong Thanksgiving Day Traffic--4th...
11/28/201415:22:05Correction to Wal-Mart, Target Thanksgiving Day Traffic Updates
11/28/201414:22:52Wal-Mart, Target Report Strong Thanksgiving Day Traffic--3rd...
11/28/201413:10:47Wal-Mart, Target Report Strong Thanksgiving Day Traffic--2nd...

Target 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