ADVFN - Advanced Financial Network.
HOME» NYSE » W » WFC Stock Price » WFC Stock News

Wells Fargo Share News

 Wells Fargo & Co. (new) Stock Price
WFC Stock Price
 Wells Fargo & Co. (new) Stock Chart
WFC Stock Chart
 Wells Fargo & Co. (new) Stock News
WFC Stock News
 Wells Fargo & Co. (new) Company Information
WFC Company Information
 Wells Fargo & Co. (new) Stock Trades
WFC Stock Trades

Visa, Mastercard Settlement Includes $6.05 Billion in Cash Payments for Alleged Past Damages -Merchant Attorneys

By Andrew R. Johnson Merchants reached a $7.25 billion settlement with Visa Inc. (V), MasterCard Inc. (MA) and several large banks in long-standing antitrust lawsuits brought by hundreds of merchants over credit-card processing fees. The settlement will include more than $6 billion in cash payments from the defendants, as well as a temporary reduction in the fees merchants pay on each card swipe worth an estimated $1.2 billion, according to Robins, Kaplan, Miller & Ciresi LLP, one of the law firms representing merchants in the case. The deal potentially puts to rest a lengthy legal battle that has raged on for seven years and been an overhang on Visa's and MasterCard's shares. The litigation predates the initial public offerings of both companies. Visa's shares were up 1.7% at $126.18 and MasterCard's shares were up 1.4% at $435.38 after hours on Friday. Analysts for months have predicted the companies would reach a settlement before a September trial date. Discussions between the card networks and plaintiffs, which include grocery-store chains Kroger Co. (KR) and Safeway Inc. (SWY) and numerous small businesses, have occurred over the last year. The litigation in U.S. District Court in Brooklyn includes more than 50 consolidated lawsuits that date as far back as 2005. In them, merchants argue that Visa, MasterCard and the banks that issue their cards conspire to set fees, known as interchange, that retailers pay each time a customer pays with a card. Those fees, long a thorn in the side of merchants, are set by Visa and MasterCard but collected by banks like Bank of America Corp. (BAC), J.P. Morgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) as revenue. -Write to Andrew R. Johnson at andrew.r.johnson@dowjones.com

Stock News for Wells Fargo (WFC)
DateTimeHeadline
04/21/201417:23:07New York Ramps Up Ocwen Probe
04/14/201412:26:44Citigroup Logs Higher Profit, Beats Estimates -- 4th Update
04/13/201408:46:33MARKET SNAPSHOT: Google, Intel, IBM Outlooks To Trump Earnings...
04/11/201419:34:30Fortunes Shift for Wells Fargo, J.P. Morgan
04/11/201418:00:51MARKET SNAPSHOT: Stocks Suffer Big Weekly Loss; Nasdaq Below...
04/11/201416:32:17MARKET SNAPSHOT: U.S. Stocks Extend Fall; S&P On Pace For 2...
04/11/201416:31:45Stock-Market Slump Extends to Europe -- Update
04/11/201415:36:20Wells Fargo's Profit Climbs -- 4th Update
04/11/201411:27:09MARKET SNAPSHOT: U.S. Stocks Extend Fall; S&P Set For 2% Weekly...
04/11/201409:40:43U.S. Hot Stocks: Hot Stocks to Watch
04/11/201409:39:03Wells Fargo's Profit Climbs -- Update
04/11/201409:33:34Wells Fargo's Profit Climbs
04/11/201408:35:55Wells Fargo's Profit Climbs Despite Lower Revenue
04/10/201408:05:13Advisers Needed to Handle North Dakota's Oil Wealth -- Practice...
04/09/201417:00:11MARKET SNAPSHOT: U.S. Stocks Rally On Dovish Signals In Fed Minutes
04/09/201415:13:56MARKET SNAPSHOT: U.S. Stocks Jump On Dovish Signals In Fed Minutes
04/09/201414:39:07MARKET SNAPSHOT: U.S. Stocks Rise After Fed Minutes
04/09/201414:03:21MARKET SNAPSHOT: U.S. Stocks Edge Higher; Focus On Fed Minutes
04/09/201411:51:16MARKET SNAPSHOT: U.S. Stocks Edge Higher; Fed Minutes In Focus
04/08/201417:04:29MARKET SNAPSHOT: U.S. Stocks Edge Higher After 3-session Slide

Wells Fargo 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